If you haven’t heard, the new Consumer Financial Protection Bureau (CFPB) is rewriting the rules on RESPA. Their first step is to create a new Preliminary Truth in Lending disclosure AND Good Faith Estimate -all in one. I believe this is good news as the two current disclosures provide conflicting information often with the same terminology. The CFPB launched a new website called “Know Before you Owe“. You can sign up for their blog and provide comments about your opinion on the disclosure drafts.
Last week, the CFPB provided two draft disclosures and are seeking comments on these new forms. I encourage everyone to review these forms and give your feedback – even if it’s one simple thing. The more comments we can send, the more likely the Bureau will listen and create a form that is lender and consumer friendly (please stop laughing).
You can also sign up at the CFPB do receive updates as they are released. The CFPB has a blog that you might find of interest. This way we can stay tuned and provide feedback, as necessary.