CFPB to Host Public Hearing on Integrated Mortgage Disclosures
The Consumer Financial Protection Bureau announced it will hold a field hearing at 11 a.m. ET, Wednesday, Nov. 20 to address the Bureau’s “Know Before You Owe” project.
The field hearing will feature remarks from CFPB Director Richard Cordray on the Bureau’s efforts to combine overlapping federal disclosure forms required by the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA).
A new Closing Disclosure will replace the HUD-1 and revised TIL disclosure, while a Loan Estimate will replace the GFE and early TIL. Testimony from consumer groups, industry representatives and members of the public also will be featured during the field hearing.
ALTA will provide updates from the hearing, which will be streamed live on the CFPB’s blog. ALTA staff planning to attend include Michelle Korsmo, chief executive officer, and Justin Ailes, vice president of government and regulatory affairs. If interested in attending, email an RSVP to [email protected] with your full name and organizational affiliation (if any).
If you plan on attending, please send an email to ALTA as well, as the association plans on holding a roundtable following the field hearing to discuss concerns with the integrated mortgage disclosure proposal.For more info, go to www.alta.org/cfpb.