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Volume 2014 - Number 3

January 23, 2014

Legal Pros Detail How to Handle the Challenges Presented by CFPB’s Integrated Disclosure Rule

Mortgage lenders may be suffering from compliance burnout these days after getting up to speed with major new rules from the Consumer Financial Protection Bureau. But they would do well to start preparing now for the bureau’s revolutionary integrated mortgage disclosure rule that aims to change the way consumers shop for such loans and how lenders go about originating them. “The integration of the Truth in Lending Act and the Real Estate Settlement Procedures Act mortgage disclosures has been a goal almost since the time the two statutes were issued, and certainly from the time the good-faith estimate began focusing on loan terms,” Benjamin Olson, counsel at BuckleySandler, said during a webinar sponsored this week by Inside Mortgage Finance. The new disclosures become mandatory Aug. 1, 2015. Joseph Kolar, a partner with BuckleySandler, pointed...

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