Pending a complete government shift in housing regulation, the industry is left to implement the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule.
There is only about a two-month time frame to weigh in on a ruling that will impact the mortgage industry forever.
As one of the biggest voices in the industry, the Mortgage Bankers Association added to the discussion on the importance of the comment period that is now open for the CFPB’s proposed updates to the Know Before You Owe rule.
"We appreciate that the proposed rule addresses a wide swath of issues with the Know Before You Owe rule,” said Pete Mills, senior vice president of Residential Policy and Member Engagement with the Mortgage Bankers Association.
Mills adds that it’s important that CFPB continue to work with industry to help bring greater clarity and consistency to KBYO compliance.
“The most important thing for lenders to be focusing on right now is how the proposed changes could impact systems,” he said. "We need to think through the relationship between all the changes and have a clear understanding of the time and resources that will be required to implement.”
Mills concludes that the CFPB is seeking detailed feedback on this issue and it is important that “we think carefully about the approach."