CFPB Proposes Mortgage Disclosure Rules
On July 24th, the Consumer Financial Protection Bureau proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act regulations. The proposed changes include improving market information by having lenders report specific new information that could help identify potential discriminatory lending practices and other issues in the marketplace and monitoring access to credit by proposing that financial institutions provide more information about underwriting and pricing. The proposal would also simplify certain reporting requirements. Comments should be submitted on or before October 22, 2014.