The federal Consumer Financial Protection Bureau (CFPB) recently issued its final rule for the simplification of the disclosures required for home loan closings. The new five-page form takes the place of separate Good Faith Estimate of Closing Costs, Truth-in-Lending and HUD-1 or RESPA form used to detail the financial aspects of the transaction. The new form may be easier to understand for consumers, but it took CFPB 1,099 pages (and over 200 footnotes) of final rule to instruct lenders and closing agents how to fill it out. The massive final rule begs questions concerning the point of administrative rulemaking.
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Editorial Board
Clearing Things Up For Consumers? Maybe Not
The Connecticut Law Tribune
September 7, 2012
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