The Mortgage Bankers Association (MBA) is asking the Consumer Financial Protection Bureau (CFPB) to sit down with key stakeholders as it continues to revise mortgage disclosure forms.
The CFPB unveiled two prototypes in May for a single, streamlined disclosure form designed to reconcile the requirements established by the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). It released a revised version of the forms on June 27, after meeting with industry representatives and consumers advocates, and receiving more than 13,000 individual comments.
The MBA said the second comment period, which closed Tuesday, was not long enough, and asked instead that CFPB invite lenders and other stakeholders to meet with bureau officials.
"A meeting at this point could provide lenders a better understanding of the direction of the project so they could offer more informed comments and offer stakeholders an opportunity to explain challenges under RESPA and TILA and the practical concerns posed by the current prototypes," Stephen A. O'Connor, a senior vice president for public policy and industry relations, said in the letter.
The MBA also said the monthly expenses on the front of the forms are confusing, the layout and design may be difficult for lenders' to replicate using current operational systems, and the prototypes do not reflect existing TILA and RESPA rules.