The CFPB may delay the deadline for new mortgage disclosure forms, the agency's second-in-command says
The Consumer Financial Protection Bureau may delay the deadline for new mortgage disclosure forms if vendors aren’t prepared, the agency’s second-in-command suggested today.
CFPB Deputy Director Steven Antonakes made the suggestion during remarks at an industry conference in Orlando.
“To the extent there is new information or we’re hearing directly from vendors that folks aren’t going to be ready … we should continue to talk about that,” he said. “I can’t promise you (a postponement), but to the extent we well have a better understanding of the concerns, that is something we will consider.”
The new mortgage disclosure rule integrates previously separate required disclosures. Though the rule is meant to simplify the mortgage process, some industry leaders worry that some new requirements could delay closings, potentially costing home buyers extra money. The new rule is currently set to take effect in August.
UPDATE (March 25, 5:05 p.m. EST): In an emailed statement, CFPB spokesperson Samuel Gilford said the agency currently has no plans to delay the deadline on the new forms:
CFPB Deputy Director Steven Antonakes made the suggestion during remarks at an industry conference in Orlando.
“To the extent there is new information or we’re hearing directly from vendors that folks aren’t going to be ready … we should continue to talk about that,” he said. “I can’t promise you (a postponement), but to the extent we well have a better understanding of the concerns, that is something we will consider.”
The new mortgage disclosure rule integrates previously separate required disclosures. Though the rule is meant to simplify the mortgage process, some industry leaders worry that some new requirements could delay closings, potentially costing home buyers extra money. The new rule is currently set to take effect in August.
UPDATE (March 25, 5:05 p.m. EST): In an emailed statement, CFPB spokesperson Samuel Gilford said the agency currently has no plans to delay the deadline on the new forms:
"We have no plans to delay the deadline on the new mortgage disclosure forms. The industry should be prepared to begin using the new forms for loans with an initial application submitted on or after August 1. The Deputy Director was pointing out that the Bureau is open to considering new information from stakeholders, not to delaying the deadline."
