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Home » Store » RESPA » Small Mortgage Businesses Want CFPB to Delay Decision On Proposed Changes to Disclosures, HOEPA Coverage

Small Mortgage Businesses Want CFPB to Delay Decision On Proposed Changes to Disclosures, HOEPA Coverage

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The Small Business Administration is urging the Consumer Financial Protection Bureau to delay making any changes until it has fully analyzed the impact of a proposed rule establishing new disclosure requirements and forms under integrated federal consumer protection regulations. Speaking on behalf of small banks and settlement service providers, the SBA’s Office of Advocacy in a comment letter warned that proposed changes to the finance charge and to the high-cost mortgage coverage test could potentially lead some small businesses to leave the marketplace or stop making mortgage loans. In addition, the agency reiterated its concerns about the inadequate notice for small entities about the proposal. On Aug. 23, the CFPB published...
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