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1992: Department of Housing and Urban Development (HUD) Frank Keating letter

* Requires disclosure of lender-paid broker fees

1995: HUD Negotiated Rulemaking

* Debated disclosure of lender-paid mortgage broker fees; however, no consensus and no rules from HUD

1996: Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA)

* Required simplification and a single format for the disclosure of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA)

* Provided Federal Reserve Board (FRB) authority to exempt classes of transactions

* Provided abbreviated option to index history chart on TILA adjustable-rate mortgage (ARM) program disclosure

1996: Mortgage Bankers Association (MBA) forms RESPA/TILA working group

* Recommendations to regulators and Congress

1996: FRB proposes TILA disclosure changes

* Good Faith Estimate (GFE) to substitute for itemization of amount financed

1997: Mortgage Reform Working Group (MRWG) established

* Recommendations to regulators and Congress; however, no con sensus

1997: HUD and FRB joint response to Congress

* Regulators state congressional action required to streamline disclosures

2005: HUD reform talks

* Holds RESPA Roundtables

2007: FRB proposes TILA disclosure changes

* Requires TILA delivery before consumer pays fees other than cost of credit report

2008: Mortgage Disclosure Improvement Act (MDIA)

* Congress requires TILA delivery before consumer pays fees other than cost of credit report

* Congress requires TILA initial disclosure within three days of application, and final disclosure three days prior to consummation 2008: HUD proposes GFE modifications

* Adds tolerances and mandates restitution

* Leaves out the annual percentage rate (APR) in its shopping comparison

2008: FRB proposes Home Ownership and Equity Protection Act (HOEPA) rule

* Affects compensation to mortgage brokers

* Withdrawn by FRB in response to comments and consumer testing

2009: FRB proposes changes to Regulation Z

* Restricts loan originator compensation 2010; Dodd-Frank Wall Street Reform and Consumer Protection Act

* Congress requires compensation changes and new merged disclosure; establishes and empowers Consumer Financial Protection Bureau (CFPB)

2010: FRB proposes amendments to Regulation Z

* Payment schedule modifications

2010: Congress creates CFPB

* Pre-transfer staff hired as Treasury advisers

* Holds roundtable meetings on mortgage disclosure reform

2011: CFPB creates Internet blog

* Publishes discussion drafts

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Publication:Mortgage Banking
Geographic Code:1USA
Date:Sep 1, 2011
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