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CFPB Delays Implementation of Certain New Mortgage Disclosures

Posted on 11/19/2012

The Consumer Financial Protection Bureau on Friday issued a final rule that delays the implementation of certain new Dodd-Frank Act-mandated mortgage-disclosure requirements that were slated to take effect on Jan. 21.

Some of the delayed new requirements include disclosures on the cancellation of escrow accounts, consumers' liability for debt payment after foreclosure, and the creditor's policy for accepting partial payment, the CFPB said in a press release.

The bureau explained that it is delaying the requirements' implementation so that the entire Truth in Lending Act-Real Estate Settlement Procedures Act disclosure integration regime can go into effect at the same time.

Without the extra time, the "industry would have to implement these new disclosures twice -- once on [Jan. 21], and once again when the bureau finalizes the integrated TILA-RESPA disclosure regime," the CFPB said.

To read more visit: http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-extends-effective-date-for-new-mortgage-disclosures/


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