National Mortgage News, July 23, 2012
The latest draft of the Consumer Financial Protection Bureau’s origination disclosure reform rule is initially drawing mixed reviews, with some agreement that the further simplification it suggests could be helpful, but also some concern it adds to what are already heavy regulatory burdens and costs. …
DocuTech COO Scott Stucky noted that the industry is relatively more receptive to the way these proposed forms are shaping up than some other CFPB proposals, such as the definitions being used to determine what a “qualified mortgage” and a “qualified residential mortgage” are in the context of extending protection from some rulemaking liability to some “safer” loans. …
“What they’re trying to do with the documents is good. We’ve been talking about simplifying RESPA for 20 years, and in 2010 I’m not sure we accomplished what we wanted to accomplish,” said Stucky, stressing that his opinions are based on his first, cursory review of the proposed forms.
Read the full article in the July 23 issue of National Mortgage News or online at http://www.originationnews.com/nmn_features/cfpb-origination-disclosure-change-gets-mixed-reviews-1031656-1.html to read more industry reactions to the disclosures.
You can review the proposed disclosure forms online at http://www.consumerfinance.gov/knowbeforeyouowe/ and compare the proposed forms to the existing rules.