Tuesday, November 8, 2011

FYI: CFPB Releases Two Alternative Mortgage Closing Disclosure Forms for Public Comment

The Consumer Financial Protection Bureau (CFPB) released two alternative
prototype mortgage loan disclosure forms for public comment. Among other
things, the proposed forms would combine the final TIL and HUD-1
Settlement Statement disclosures.

The proposed disclosures are available for examination and comment at:

The CFPB states that the proposed forms are the result of over five rounds
of testing different prototypes of these estimates, with feedback from
more than 24,000 members of the public, industry participants, and market

In addition to soliciting public feedback online through the above
website, the CFPB is conducting qualitative testing on the prototypes in
cities across the country starting in Des Moines, Iowa. This testing will
reportedly include one-on-one conversations with consumers, lenders,
brokers, and other industry professionals.

The CFPB states that it expects to conduct four rounds of testing and
revisions through February 2012. The CFPB also plans to issue draft forms
for public comment as part of notice and comment rulemaking procedures in
July 2012.

Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
The Loop Center Building
105 W. Madison Street, 18th Floor
Chicago, Illinois 60602
Direct: (312) 551-9320
Fax: (312) 284-4751
Mobile: (312) 493-0874
Email: RWutscher@mtwllp.com

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