The FDIC has announced that its Division of Depositor and Consumer Protection will be holding free teleconferences on the CFPB’s significant mortgage-related proposals.
We reported that they were coming and now they’re here.
In an earlier post about the CFPB’s “Know Before You Owe” project, I commented that it was unclear how the CFPB intended to approach required RESPATILA disclosures other than the early TILA disclosure and the RESPA good faith estimate.
Earlier this week, the U.S. Supreme Court agreed to hear a case that will decide whether the Real Estate Settlement Procedures Act (RESPA), which is directed at residential mortgage lending, prohibits a real estate settlement service provider from charging an unearned fee if the provider shares the fee with at least one other part, but not if the provider retains the entire fee.
The CFPB is close to wrapping up its “Know Before You Owe” project to design a simplified mortgage loan disclosure combining the disclosures required by TILA and RESPA.