The Consumer Financial Protection Bureau had been expected this month to release a final rule combining mortgage disclosure requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act. But the more than 2,800 comments received on the agency's most recent proposal, including its own model disclosure form, have made it difficult to release a final rule on time, according to Richard Horn, a senior counsel at the CFPB.
"We targeted October but we wanted to make sure we get it right. There's a lot of work to do so it could be later this year as well," said Horn at a Mortgage Bankers Association regulatory conference last week.
CFPB's Balancing Act: Protecting Consumers While Preserving Credit Access