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The MReport Webcast: Wednesday 7/22/2015

The Consumer Financial Protection Bureau has finally set an official effective date for the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, after much debate and numerous industry requests to delay the rule. The CFPB issued a final rule moving the effective date to Saturday, October 3, 2015 on Tuesday.

In June, The CFPB announced a proposed amendment to the TRID rule, which would move the effective date of the rule to Saturday, October 3, 2015. According to the CFPB, the rule requires easier-to-use mortgage disclosure forms known as the Loan Estimate and the Closing Disclosure to ensure compliance and clearly lay out the terms of a mortgage for a homebuyer. The final rule issued today also includes technical corrections to two provisions of the Know Before You Owe mortgage disclosure rule.

 

Tuesday, July 21, 2015 marks the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Representative Jeb Hensarling delivered a speech today at the American Enterprise Institute (AEI), discussing the where the U.S. stands with Dodd-Frank and what reforms need to be enacted for more economic growth. Democratic staff on the Financial Services Committee also placed their opinion of the Dodd-Frank Act, finding that the act has been successful in the face of constant Republican attack and more must be done to ensure all Americans can benefit from our nation's recovery.

About Author: Jordan Funderburk

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