New Mortgage Disclosure Rule Could Raise Costs to Consumers
On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its much-anticipated final rule that merged federal mortgage disclosure forms. The two-year effort was required under the Dodd-Frank Act and was intended to simplify disclosures and help consumers more clearly understand the total costs of a loan. But bankers, while generally supportive of the final rule, say they are concerned that some of the changes need to be fixed or mortgage lenders will have to raise the costs of loans to consumers.
From "New Mortgage Disclosure Rule Could Raise Costs to Consumers"
American Banker (11/21/13) Berry, Kate
On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its much-anticipated final rule that merged federal mortgage disclosure forms. The two-year effort was required under the Dodd-Frank Act and was intended to simplify disclosures and help consumers more clearly understand the total costs of a loan. But bankers, while generally supportive of the final rule, say they are concerned that some of the changes need to be fixed or mortgage lenders will have to raise the costs of loans to consumers.
From "New Mortgage Disclosure Rule Could Raise Costs to Consumers"
American Banker (11/21/13) Berry, Kate
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