Federal Register: CFPB Proposes Amending Federal Mortgage Disclosure Requirements

The Consumer Financial Protection Bureau ("CFPB") requested comments on proposed amendments to the federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act. The proposal was published in the Federal Register.

According the CFPB, the proposed amendments are largely intended to memorialize informal guidance on various issues including: (i) "tolerance provisions for the total of payments," (ii) "an adjustment to a partial exemption mainly affecting housing finance agencies and nonprofits," (iii) "extension of coverage of the integrated disclosure requirements to all cooperative units," and (iv) further guidance "on sharing the disclosures with various parties involved in the mortgage origination process."

Comments on the proposed amendments must be submitted by October 18, 2016.