Bureau collecting comments on rules over mortgage lending disclosures

Comments on rules implementing truth in mortgage lending are being sought by the federal consumer financial protection agency, it said Friday, related to its review of rules impact on small entities and others.

The Consumer Financial Protection Bureau (CFPB) said its request for comment on the Regulation Z Mortgage Loan Originator Rule (truth in lending, or TILA) seeks information to assist the bureau in determining whether the regulation should be continued without change, or if it should be amended or rescinded to minimize any significant economic impact on a large number of small entities, as required by the Regulatory Flexibility Act (RFA).

The TILA, the CFPB said, imposes certain requirements on loan originator compensation; qualification of, and registration or licensing of, loan originators; compliance procedures for depository institutions; mandatory arbitration; and the financing of single premium credit insurance, among other things.

Comments will be due 45 days after the notice is published in the Federal Register.

Regulation Z’s Mortgage Loan Originator Rules Review Pursuant to the Regulatory Flexibility Act