Lenders' Litigation Risks May Grow With New Mortgage Forms

Law360, New York (November 20, 2013, 6:54 PM EST) -- The Consumer Financial Protection Bureau on Wednesday unveiled new mortgage rate estimate forms that combine elements of two key fair-lending laws, but attorneys fear the rule could give borrowers more opportunities to sue over botched loan estimates.

The new mortgage disclosure forms that the CFPB released in final form combine disclosures required by the Truth In Lending Act and the Real Estate Settlement Procedures Act in a bid to make the process of taking out a home loan easier to understand for borrowers. However, TILA includes...
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