Official comments on the CFPB proposed mortgage disclosure rules are dues Oct. 18. CU trade associations' initial response is mixed.
The Consumer Financial Protection Bureau issued a final rule Nov. 20 that requires the use of new, simplified mortgage disclosure forms available in English and Spanish that detail the terms of a mortgage to homebuyers.
But Dodd-Frank requires fees and closing costs to be included in calculations, so bureau finding a way, director said.
Mortgage rules expected at Baltimore meeting next week; remittance rules expected to be posted on agency website in weeks to come.
Agency says lenders will not be required to provide the disclosures until all proposed rules are finalized sometime next year.