As CFPB Mortgage Disclosure Rule Issuance Nears, Industry Groups Call for Thorough Testing of Forms
November 14, 2013
A trio of industry groups is calling upon the Consumer Financial Protection Bureau to make sure there is adequate testing of the pending mortgage-origination disclosure forms expected to be released within the next few weeks. In a letter to CFPB Director Richard Cordray, the American Escrow Association, the American Financial Services Association and the Consumer Mortgage Coalition said they strongly support testing the forms before they are put into use. There are a large number of mortgage loan products in the marketplace, and the rounds of forms the CFPB has released and tested do not accommodate all of them, the groups said. The forms that have been released so far wont work...