On March 30, 2015 NAR provided comment on the Consumer Financial Protection Bureau’s (CFPB) February 11, 2015, proposed rules to amend the January 2013 final mortgage rules under the Truth in Lending Act (TILA) and subsequent revisions. NAR appreciates the CFPB’s proactive approach in proposing rule amendments that recognize the need for modifications to the mortgage rules, including reducing regulatory burden on rural and community banks, which will ensure access to mortgage credit for certain qualified borrowers. NAR has long supported strong underwriting standards that require all mortgage originators to verify the borrower’s ability to repay the loan based on all its terms, including taxes and insurance.
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NAR Letter to CFPB Regarding Proposed Rules to Amend Final Mortgage Rules Under TILA
Issue Date: March 30, 2015
On March 30, 2015 NAR provided comment on the Consumer Financial Protection Bureau’s (CFPB) February 11, 2015, proposed rules to amend the January 2013 final mortgage rules under the Truth in Lending Act (TILA) and subsequent revisions. NAR appreciates the CFPB’s proactive approach in proposing rule amendments that recognize the need for modifications to the mortgage rules, including reducing regulatory burden on rural and community banks, which will ensure access to mortgage credit for certain qualified borrowers. NAR has long supported strong underwriting standards that require all mortgage originators to verify the borrower’s ability to repay the loan based on all its terms, including taxes and insurance.
Download Letter Here