ARLINGTON, Va.—Both credit union trade associations have said they support a revision by the Consumer Financial Protection Bureau in its final rules on Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) regarding loan estimates affected by rate lock-ins and construction loans.
In a statement, NAFCU said it “appreciates the CFPB addressing some of the operational challenges posed by TILA/RESPA’s Integrated Mortgage Disclosures Rule,” but that it still believes that CFPB “can do more to facilitate TILA/RESPA implementation.
In particular, NAFCU continues to urge the CFPB to provide formal written guidance, rather than the oral guidance it currently provides through its hotline and webinar series. We believe reliable written guidance is essential for credit unions to operate on a level playing field in implementing the regulation, and will help avoid unnecessary confusion and discrepancies in implementation down the road.”
The final rule, which takes effect Aug. 1, also allows placement of the loan originator’s Nationwide Mortgage Licensing System and Registry ID on the integrated disclosures.
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