Washington, D.C. — Pete Mills, Senior Vice President of Residential Policy and Member Services, issued the following statement egarding CFPB’s letter on the Know Before You Owe rule, including a plan to issue a formal Notice of Proposed Rule making to address many of the industry’s outstanding questions and concerns:

“MBA is very pleased with CFPB’s letter and believes the approach laid out should provide a swift path to issuing a final rule that will give lenders, the secondary market and consumers the clarity and consistency of disclosures the market needs. In the meantime we appreciate that the Bureau’s “diagnostic period” for the Know Before You Owe rule will continue to accommodate good faith compliance efforts. Finally, we look forward to continuing to work with the Bureau on this and other issues in hopes of protecting consumers and strengthening the real estate finance industry.”

Erik Sandstrom
LoanSafe's Mortgage Expert

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