“ABA has long supported simplifying RESPA and TILA mortgage disclosures;
however, we are concerned that the CFPB’s 1,100 page proposal fails to
both simplify the disclosure and consider other ongoing reforms.
and the industry must take time to consider the full impact of
proposals that rewrite the entire mortgage origination process. This is a
massive undertaking, and it is important that reform is workable while
actually simplifying the disclosures.
“Moving forward, disclosure reforms must be coordinated with
servicing, compensation, and consumer protection reforms to ensure we
are creating a system that is clear and efficient for consumers and