Four Final Rules and New Forms
January began in a “flurry” with the equivalent of a Noreaster of final rules and with that the news that September would bring the final rule on the "new RESPA/TILA forms" with an anticipated implementation date of a year later----good news for all the software and forms providers that provide the engine of the industry (or at least many of the “parts” that produce a closed and compliant loan).
By now many have seen the prototype forms and I hope that you have provided comments during the comment period---now more than ever we in industry need to make our voice are heard on these issues and today we must reach out to do it. Here's a direct link to the forms http://www.consumerfinance.gov/knowbeforeyouowe/
How many years did we talk about how great it would be to have one regulator for all the forms??? and a more "make sense" forms and also a consolidation of forms---Now lets ask for the third item here ( a consolidated forms package) and make our voices loud and clear.
How many times have we ourselves said something to the affect of " you shouldn't complain about the result unless you participate in the process." Get active in your state MBA, make sure you participate in the National MBA and the PAC and make your comments during the comment periods with the Regulators. Here's a link you can use today: http://www.consumerfinance.gov/notice-and-comment/
For more information go to www.diehl1.com