CFPB Proposes Two-Month Extension of Know Before You Owe Mortgage Rule

Proposal Open for Public Comment Until July 7th
http://www.consumerfinance.gov/newsroom/cfpb-proposes-two-month-extension-of-know-before-you-owe-mortgage-rule/

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The Bureau is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15 at the earliest.

The CFPB is proposing a new effective date of Saturday, October 3. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.

The proposal will be open for public comment until July 7.

A copy of the proposal is available here:http://files.consumerfinance.gov/f/201506_cfpb_2013-integrated-mortgage-disclosures-rule-under-the-real-estate-settlement-procedures-act-regulation-x-and-the-truth-in-lending-act-regulation-z-and-amendments-delay-of-effective-date.pdf

This information is provided by Amy Craft, Account Executive with Old Republic Title located in Kingwood, TX and serving Kingwood, Humble, Atascocita as well as surrounding areas. For more information about Old Republic Title or to find a branch near you, contact Amy today at 832-727-2102 or by email ACraft@OldRepublicTitle.com.

About AmyCraft

I've made a commitment to serve the real estate needs of my community - one family and one home at a time. My real estate knowledge and expertise are completely dedicated to you. I am a Graduate of Champions School of Real Estate and came into the real estate profession with an education background. Prior to working in real estate I was the owner of a successful daycare center. My career as an educator was very rewarding and taught me many things that I believe I have benefited from in the real estate industry. I have learned such things as negotiating with people while always keeping their best interest in mind, listening to what they are saying, maintaining flexibility and understanding, performing multiple tasks simultaneously and how to be assertive yet remaining calm under the most stressful situations. A real estate deal may be the biggest financial transaction a person will ever make. I try to respond to peoples concerns and fears with as much information as I can provide. Most importantly, I want to make sure my clients are comfortable with a certain price range rather than trying to push the pre-approved amount on them. I'm not a pushy Realtor, but I'm aggressive when it comes to getting my clients what they want. Whether you're looking to buy or sell, I can get your home sold, or find you the home you've been dreaming of. Either way, my goal is to make your experience comfortable, guided, fast, and efficient. After all "Nobody Knows The Area Better Than A Good Neighbor".
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