Compliance
CFPB Issues Two Prototype Mortgage Closing Disclosures for Comment
In another step in the CFPB's 'Know Before You Owe' initiative, the CFPB has published two prototype closing disclosures and is requesting comments from consumers and the mortgage industry.
Each prototype is 5 pages long and the intent appears to be to combine the HUD-1 Settlement Statement with a variety of other disclosures, including some set forth in Dodd-Frank Wall Street Reform and Consumer Protection Act. One such example is the statement regarding the borrower's personal liability in the event of foreclosure, which is featured on the last page of both prototype forms.
You may review the prototypes by going to their webpage and clicking the consumer or industry link, as applicable.
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