NEW RULES ON MORTGAGE EFFECTIVE OCTOBER 3

The Consumer Financial Protection Bureau (CFPB) issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015. The rule requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer.

A copy of the final rule is available here:

http://files.consumerfinance.gov/f/201507_cfpb_2013-integrated-mortgage-disclosures-rule-under-the-real-estate-settlement-procedures-act-regulation-x-and-the-truth-in-lending-act-regulation-z-and-amendments-delay-of-effective-date.pdf

HMDA

"
Each year thousands of banks and other financial institutions report data about mortgages to the public, thanks to the Home Mortgage Disclosure Act, or “HMDA” for short. These public data are important because:

• Help show whether lenders are serving the housing needs of their communities;
• Give public officials information that helps them make decisions and policies; and
• Shed light on lending patterns that could be discriminatory"

See their site:

http://www.consumerfinance.gov/hmda/explore