MBA Letter Offers RESPA/TILA Integrated Rule Modifications

13 Nov

Mortgage Bankers Association – Mike Sorohan

The Mortgage Bankers Association, in a letter Monday to the Consumer Financial Protection Bureau, urged key modifications to proposed changes to the Real Estate Settlement Procedures Act and Truth in Lending Act.

The CFPB proposal would make two modifications to the TILA/RESPA final integrated rule, including (1) an adjustment to the timing requirement for a revised disclosure when the consumer locks a rate or extends a rate lock after the initial disclosures are provided and (2) an amendment to permit language related to new construction loans to be included in the Loan Estimate form in the rule.

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