Consumer Bureau Seeking Comments on TILA/RESPA Disclosure Form
Credit unions that offer mortgages have until next Monday to offer comments on the latest draft version of the new form that combines the disclosure requirements under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The Consumer Financial Protection Bureau is combining the forms as required by the financial overhaul bill passed by Congress last year (which is also created the CFPB). The bureau has said one of its goals is to simplify the disclosure process so that consumers can better understand what they will owe before they take out a mortgage. The program is called “Know before You Owe.” For more information, and to see the draft forms, go to: http://www.consumerfinance.gov/knowbeforeyouowe/