Revisions intended to streamline and improve certain mortgage procedures are among the top priorities of the Consumer Financial Protection Bureau as 2015 fast approaches.
The CFPB’s fall 2014 rulemaking agenda revisits its July proposal to amend Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
The proposal, now in the final rule stage, aims to simplify the process for financial institutions and gain more insight into consumers’ access to mortgage credit.
The proposal also included revisions to its regulations to bring about changes to institutional and transactional coverage, modifications of reporting requirements, and clarifications of other existing regulatory provisions.
Recently, more than 40 organizations in California called upon the CFPB to bring greater transparency to HMDA to address a variety of proposals, including those related to non-borrowing reverse mortgage spouses.
In addition, the CFPB is also “focused intensely” on supporting the implementation process for its recent rulemaking to implement a Dodd-Frank Act directive to consolidate and streamline federal mortgage disclosures required under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act, the bureau says in its rulemaking agenda.
Amendments include an adjustment to the timing requirement for revised disclosures when the consumer locks a rate or extends a rate lock after the initial disclosures are provided; and an amendment to permit language related to new construction loans to be included on the Loan Estimate form. The bureau also is proposing to amend the 2013 Loan Originator Final Rule to provide for placement of the Nationwide Mortgage Licensing System and Registry ID (NMLSR ID) on the integrated disclosures.
“We’re also continuing work with stakeholders to address questions that have arisen with regard to the 2013 mortgage rules, including issuing additional clarifications and amendments as warranted,” the CFPB says.
The CFPB posts updates to its rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of Regulatory and Deregulatory Actions across the federal government. The regulatory agenda includes rulemaking actions in the stages of pre-rule, proposed rule, final rule, long term actions, and completed actions.
Access the rulemaking agenda here.
Written by Cassandra Dowell
