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Mortgage disclosure rules may be changed for ARMs

Shared by Smith.sussane on Sat Sep 25, 2010 3:06 am
Hello Everyone, The Obama Administration's Special Adviser to the Treasury, Elizabeth Warren, met with various regulators, advocacy groups and officials from Wells Fargo & Co and discussed how the soon-to-be-setup Consumer Financial Protection Bureau can simplify mortgage disclosure forms. The Treasury, with the help of Consumer Financial Protection Bureau, is also eyeing new disclosure rules for complex adjustable rate mortgage (ARM) products and fixing settlement costs. Source: http://www.marketwatch.com/story/treasury-bankers-talk-mortgage-disclosure-2010-09-21?reflink=MW_news_stmp

Community Members Opinion

dipaligopale

Joined: 25 May 2010

Posts: 790

22.70 Dollars($)

Posted: Sat Sep 25, 2010 3:32 am Post subject: Let us hope CFPB works better than banking ombudsmen

We must welcome the move of formulation of the CFPB but it should really replace all those banking ombudsmen departments with a single largest entity all over country specially dealing with mortgage related consumer queries. As of now we can just clap for the welcome of new scheme.Success of it really depend on the consumers like us,how we respond to this scheme. DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

sara

Joined: 05 Jul 2006

Moderator
Posts: 2699
Location: New Brunswick, New Jersey

497.27 Dollars($)

Posted: Sat Sep 25, 2010 3:47 am Post subject:

Hey Sussane... Thanks for sharing the news in the community. Around 25 participants took part in this discussion. In the discussion, the participants discussed about better disclosures for monthly payments, settlement costs and appraisals. The participants also discussed how consumers could become better informed about the choices they have while they apply for a home mortgage. The discussion also mulled over the fact that whether or not the lenders should offer a price tag for settlement costs which cannot be negotiated at the closing.