Skip to main content

MBA files two comment letters with Fed on RESPA

Dec 23, 2009

The Mortgage Bankers Association (MBA) has filed two comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth-in-Lending Act (TILA). The first letter specifically addresses the proposed rules to revise consumer disclosures and compensation practices for closed-end credit transactions--a credit agreement in which the amount advanced, plus any finance charges, is expected to be repaid in full by a specified date, such as your traditional 30-year fixed mortgage. The second letter addresses the proposed rules on open-end credit transactions--credit agreements allowing a customer to borrow against a preapproved credit line when purchasing goods and services, an example fo which could be a home equity line of credit (HELOC). In both letters, MBA expresses concern that the proposed rules could harm consumers and increase costs unnecessarily. The letters suggest improvements to the proposed rules (and the disclosures) that would avoid potential unintended consequences. To read the MBA comment letter on closed-end transactions, click here. To read the MBA comment letter on open-end transactions, click here. For more information, visit www.mortgagebankers.org. 
About the author
Published
Dec 23, 2009
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Xpert Home Lending, Executives Sanctioned in Washington Consent Order

Company led by former UWM account executive, Alysia Budd, faces sweeping sanctions

DOJ IG To Take Reins As Inspector General For The Fed And CFPB

Michael Horowitz to lead the Federal Reserve Board’s Office of Inspector General starting at end of this month

Rift That Could Shift The Housing Market

Trump-Musk breakup this week could have implications for federal economic policies as well as the housing and mortgage markets

Sichelman: Federal Risks Pile Up

GAO report calls for Congress to act