CFPB Sets Single Effective Date For Mortgage Disclosures

Law360, New York (November 16, 2012, 4:05 PM EST) -- The Consumer Financial Protection Bureau on Friday freed mortgage lenders from implementing new disclosures related to escrow accounts, foreclosure liabilities and partial payments until the agency finalizes other rules aimed at streamlining mortgage disclosures, a move designed to ease worries about confusion in the marketplace.

The Dodd-Frank Act requires banks and other mortgage lenders to include new disclosures on the cancellation of escrow accounts, consumers’ liability for debt payment after foreclosure, and the creditor’s policy for accepting partial payment on any mortgage issued Jan. 21 or...
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