CFPB Unveils Proposed Changes to RESPA


Since sending you our special report this morning detailing the Consumer Financial Protection Bureau's (CFPB) project to combine mortgage disclosure forms, the CFPB just this afternoon issued the proposed regulations along with this press release.

TLTA has begun the process of analyzing this large proposal and we will provide you with our specific concerns and guidance in the coming days and weeks along with instructions on how you can comment to the CFPB. According to the CFPB's press release, the initial deadline for commenting on certain portions of the proposed rule will be 60 days or by Sept. 7, 2012, while comments on other aspects of the proposal are not due until Nov. 6, 2012. We have not yet determined which deadlines apply to which portions of the proposal, but we will clarify that in future correspondence to you.

The TLTA Board of Directors is meeting next week and will begin to develop official positions on the rule proposals, but in the meantime, we encourage you to read more about our preliminary concerns here and to also take time to review the full proposal and supporting documents here. Please note: The proposed rule is close to 1,100 pages long and may take several minutes to download.

It will be critical that you provide detailed and individualized comments to the Bureau on this matter of such importance to our industry, so please stay tuned for more specific guidance on how and when to comment. Guidance from TLTA will include a series of newsletters focusing on each area of concern with instructions on how you can most effectively participate in the comment process. You will also be provided with the opportunity to sign up for a special informational webinar where you can hear from experts and participate in a question and answer session.

As always, please let us know if you have any questions by contacting TLTA Government Affairs Director and Counsel Aaron Day at aaron@tlta.com or 512.472.6593.