MBA Calls for Improved Disclosures for Borrowers Under RESPA and TILA

The Mortgage Bankers Association (MBA), along with several other mortgage industry trade associations, has sent a letter to Timothy Geithner, Secretary of the U.S. Department of the Treasury; U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan; and Federal Reserve Chairman Ben Bernanke calling for improved disclosures for mortgage borrowers under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The letter explains that if TILA and RESPA disclosures were harmonized and made simpler, consumers would be better equipped to navigate the homebuying marketplace, better understand their mortgage and settlement costs, and shop intelligently to meet their home financing needs. Therefore, the letter urges regulators to work with Elizabeth Warren and the new Consumer Financial Protection Bureau (CFPB) Director, to develop a comprehensive plan for disclosure reform that includes an agenda and timetable to propose, finalize and implement all mortgage disclosure revisions by the Board, Bureau and other agencies in an orderly manner. Click here to view a copy of the letter. For more information, visit www.mortgagebankers.org.