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Hill introduces bill to amend CFPB mortgage disclosure requirements

Consumer Financial Protection Bureau (CFPB) mortgage disclosure requirements would be revised to better represent true consumer costs, including the cost of title insurance, under legislation introduced by U.S. Rep. French Hill (R-AR) on Thursday.

“Consumers deserve to know the costs of their title insurance premiums when they purchase a home,” Hill said.

Currently, the CFPB’s Know Before You Owe mortgage disclosure rule requires lenders to provide mortgage forms to consumers to clarify the closing process. Those forms, however, don’t reflect accurate title insurance premiums in most states.

The Know Before You Owe rule is also known as the TRID (TILA-RESPA Integrated Disclosure) mortgage disclosure rule with TRID being comprised of the acronyms of TILA for the Truth-in-Lending Act and RESPA for the Real Estate Settlement Procedures Act.

Under the TRID Improvement Act of 2017, mortgage providers could include a discounted rate for the simultaneous purchase of lenders and owners title insurance, known as “simultaneous issue,” in mortgage disclosure forms provided to consumers.

Executive Conversation: Kirk Randlett on the importance of accurate property tax data

Q. What are some of the new expectations that consumers have in the mortgage loan closing process?

A. A few years ago, in the aftermath of the mortgage crisis, consumers were conditioned to believe that obtaining a mortgage was a difficult process. But lately they’re being bombarded with ads and messages saying that it’s very easy, very fast and very simple. And then comes the closing, with all the confusing calculations and piles of paper, and, frequently, last minute unpleasant surprises when it comes to closing costs. Some regulatory changes have helped to prevent some of these surprises. But lenders and LOs need to do a better job explaining the process and preparing the borrower for all of the costs they will see. This is particularly true for state, county and other jurisdictional taxes and can make up a substantial part of actual closing costs.

Q. How are lenders meeting this demand for improved accuracy when it comes to property tax data?

How accurate are those mortgage calculators when it comes to how much your monthly payment will be?

I'm looking to buy a house and the realty agency that I am looking at has a mortgage calculator on their website. Here are the numbers.

Those are accurate numbers for financing 95,000 for 30 years at 5%. The calculators are only as accurate as the numbers you feed them. A lot of them don't include things like PMI, homeowners insurance and other items that you will have to put in escrow.

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