MortgageRegulatory

Smaller lenders won’t be exempt from new disclosure forms

The Consumer Financial Protection Bureau is set to announce finalization of a rule requiring use of new disclosure forms, including disclosures required under the Truth in Lending Act, sometime this week.

Per Bloomberg News, which first reported on the new forms, smaller lenders will not be exempt from the new mortgage paperwork rules:

New U.S. rules requiring simplified mortgage paperwork will take effect in August 2015 without an exemption for small lenders, according to people briefed on plans by the Consumer Financial Protection Bureau.

The new regulation, the result of a two-and-a-half year effort to help borrowers shop around for home loans, would kick in on Aug. 1, 2015, according to one of the people, who asked to remain anonymous because it hasn’t been released.

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