Consumer Financial Protection Bureau

The deadline to comment on the Consumer Financial Protection Bureau’s second round of its draft settlement disclosure form to be used during closing to replace the current HUD-1 and Truth in Lending disclosure is Dec. 21.

It is important ALTA members inform the Bureau how these draft forms of a new HUD-1 will affect closings and your business. Go to the CFPB’s Know Before You Owe webpage to leave comments. Make sure to switch to the “Industry Tool.”

The CFPB also wants to know which design works best and what improvements you would make to the form. The CFPB is asking to hear from settlement agents, lenders and consumers. It is testing this round of forms in Birmingham, Ala.

The RESPA Task Force is finalizing initial comments to the Bureau on this latest draft. The Task Force slightly prefers the Mimosa form over the Sassafras form because of the inclusion of line numbers on the settlement statement portion. In addition, the Task Force's comments will reemphasize the statement made in their previous letter and face-to-face meeting regarding the need to separate the form into lender disclosed sections and settlement gent disclosed sections.

If you have questions for or about the CFPB, contact Steve Gottheim, ALTA's legislative and regulatory counsel at steve@alta.org

For more information, read "CFPB Releases Second Round of Draft Settlement Disclosure Form"