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CFPB Will Not Extend New Mortgage Disclosure Deadline

CFPBConsumer Financial Protection Bureau Deputy Director Steven Antonakes hinted at possibly extending the August 1 implementation deadline for new mortgage disclosure if vendors weren't ready, in a speech he gave today, sending industry talks into frenzy. But according to Sam Gilford, spokesman for the CFPB, the deadline will not be extended.

“We have no plans to delay the deadline on the new mortgage disclosure forms. The industry should be prepared to begin using the new forms for loans with an initial application submitted on or after August 1,” Gilford said. “The Deputy Director was pointing out that the Bureau is open to considering new information from stakeholders, not to delaying the deadline.”

In a speech to the Consumer Bankers Association Antonakes implied the deadline would be extended. "To the extent there is new information or we're hearing directly from vendors that folks aren't going to be ready . . . we should continue to talk about that," he said. "I can't promise you [changes] but to the extent we will have a better understanding of the concerns, that is something we will consider."

The CFPB recently introduced a new rule that allows consumers to post public detailed complaint narratives, something that has received industry criticism. Antonakes also said the CFPB is open to hearing suggested changes to the complaint portal.

"We're still open to taking feedback on appropriateness and relevance of those drop-down [response options] and we will go forward and see how it goes. But again, a partnership and relationship is very important to us," he said. "While we have decided to go forward with the narratives, it is a very open process and we will continue improving that process over time."

The deputy director ended his speech by urging people to apply to work at the CFPB.

"With that said, I will offer, without apology, that if you are passionate about consumer finance, the best place to work is the Consumer Financial Protection Bureau," he said. "I cannot promise you that the experience will be without challenge or frustration, but I can promise you that it will be the most fulfilling work of your career."

About Author: Samantha Guzman

Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past.
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