The CFPB’s disclosure tour has ended. They are now stuck in Washington, D.C. writing the proposed rules for closed-end, home secured loans.
The CFPB posted their final round of disclosures this week on their blog for closed-end, home secured loans. So, they are now going to begin the process of writing the rules that accompany the model forms. Take a look at the final version of the loan estimate disclosure and the settlement disclosure.
It’s interesting that it took the CFPB 9 months to prepare two model forms, yet it will only take them 5 months to write the new rules. Let’s hope they do a better job than HUD did writing the rules for the GFE and HUD 1/1A.