Mortgage and Banking Leaders on the newly-proposed mortgage disclosure forms
Article by Insider’s Mortgage Report
Elizabeth Warren, special White House and Treasury adviser, on the newly proposed two prototypes of simplified mortgage disclosure forms revealed today:?
?”Getting stuck with the wrong loan can cost a family tens of thousands of dollars over the life of the loan, ” Warren said while launching the initiative. “With a clear and simple form, consumers can answer two basic questions: Can I afford this mortgage? and Can I get a better deal someplace else?” – source, Housingwire.com.
Elizabeth Eurgubian, ICBA’s vice president and regulatory counsel, on how the Independent Community Bankers of America are pleased the consumer agency is seeking feedback from lenders at the beginning of the testing of the new forms:
?”What we don’t want to see is a situation where there is piecemeal regulation where regulators come back and revisit it every year,” – source, Reuters.
Steven Zeisel, general counsel for the Consumers Bankers Association, on concerns that a simpler form could leave banks open to more lawsuits if a borrower arued they were not given enough information:
?”We live in a litigious society,” – source, Reuters.
Bob Davis, an executive vice president at the American Bankers Association, on the disclosure forms possibly not simplifying the process:
?”It’s not so simple as creating two pieces of paper,” – source, Austin American Statesman.
Mike Anderson, of the National Association of Mortgage Brokers, on confusion with the currently-used forms:
?”They really don’t tell the consumer what they want to know,” (For example, a key concern for borrowers is the total amount they’ll need to pay at closing. Yet that figure is absent from the current forms.) – source, Associated Press.
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