The Consumer Financial Protection Bureau on Monday released a long-awaited proposed rule that would require combined mortgage disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act.
The rule would amend Regulations X and Z to establish new disclosure requirements and forms for most residential 1st mortgages.
The streamlined disclosures would require credit union loan officers to learn RESPA law, which involves details regarding the sale of a property. Both NAFCU and CUNA have opposed the idea, saying it would create unnecessary regulatory burdens for credit unions. Final comments on the 1,100-page proposed rule are due to the CFPB by Sept. 7.
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