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CFPB Tries to Assuage Fears Over New Mortgage Disclosures

Joe Mont | January 4, 2016

As they tackle new disclosure requirements in the New Year, mortgage servicers, lenders, and aggregators received welcomed news from the Consumer Financial Protection Bureau. In a letter to the Mortgage Bankers Association, CFPB Director Richard Cordray attempted to ease their concerns by clarifying that technical errors don't necessarily mean non-compliance with the TILA-RESPA Integrated Disclosure rule that went into effect on Oct. 3.

“We recognize that the mortgage industry needs to make significant systems and operation changes to adjust to the new requirements and that implementation requires extensive coordination...

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