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The MReport Webcast: Thursday 06/25/2015

The Consumer Financial Protection Bureau has announced a proposed amendment to the Know Before You Owe mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure rule, which would move the effective date of the rule to Saturday, October 3, 2015. The Bureau first announced on June 17 they would be issuing the proposed amendment to push back the TRID launch date. At that time, CFPB Director Richard Cordray announced that the proposed effective date was being moved from August 1st to October 1.

The CFPB believes the new proposed effective date of Saturday, October 3rd, will result in a smoother transition to the new rule, which requires easier-to-use mortgage disclosure forms that clearly lay out mortgage terms for a homebuyer, according to the Bureau. The Saturday launch will give the industry time to test new systems configurations and launch new systems related to the rule over the weekend, and is consistent with original plans to launch the rule on Saturday, August 1st.

Recent research released by the Social Science Research Council and the American Civil Liberties Union found that the wealth gap among Americans widened dramatically after the housing market collapse. This placed many black homeowners at a huge economic disadvantage, leaving them with limited access to servicing, lenders, and credit. In 2009, median white household wealth ceased to decrease, while median black household wealth dropped steadily. Black households lost an additional 13 percent of their wealth between 2009 and 2011.

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