CFPB Issues Proposed Mortgage Regulation

The Consumer Financial Protection Bureau has issued two new proposed rules.  The first consolidates the mortgage disclosures required by the Truth in Lending Act and RESPA. This proposal impacts both application and closing disclosures and seeks to simplify loan terms and cost information.  Comments on this proposal must be submitted by either September 7, 2012 (for certain sections of the proposal) or November 6, 2012.

The second proposal deals with high cost mortgages and homeownership counseling requirements. Its comment period ends on September 7, 2012.

For more information on these proposed rules, visit http://www.consumerfinance.gov/