If NAMB's initial interpretation of the new mortgage disclosures holds, then the CFPB really should be applauded for their work on the new integrated mortgage disclosures. NAMB thanks the CFPB and the teams that worked on the new forms for listening to our commentary and taking our suggestions into consideration.
A factsheet about the "Know Before You Owe" mortgage disclosures is available by clicking here.
A factsheet about the testing process the CFPB used to arrive at today's rule is available by clicking here.
The "Know Before You Owe" mortgage disclosure rule will be available by clicking here.
Our efforts, along with your support, really do go a long way. We may not always make our efforts public, but understand that we have our industry's best interest as well as that of the consumer at heart.
NAMB does have open lines of communication with our regulators and we will continue to work with them to improve the state of housing and do what is best for the consumer.
Thank you again for all of your support. I look forward to reporting back next week.
Please share this with your colleagues, friends, and customers.
Richard M. Bettencourt Jr., CRMS, CMHS of Danvers, Mass.-based Mortgage Network is Government Affairs Committee Chair of NAMB—The Association of Mortgage Professionals. He may be reached by phone at (978) 777-7500 or e-mail [email protected]