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Bureau of Consumer Financial Protection: Amendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)

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Highlights

GAO reviewed the Bureau of Consumer Financial Protection's (Bureau) new rule on the amendments to the federal mortgage disclosure requirements under the Truth in Lending Act (Regulation Z). GAO found that (1) the final rule (a) modifies the federal mortgage disclosure requirements under the Real Estate Settlement Procedure Act (RESPA) and the Truth in Lending Act (TILA) that are implemented in Regulation Z; (b) memorializes the Bureau's informal guidance on various issues and makes additional clarifications and technical amendments; (c) creates tolerances for the total of payments; (d) adjusts a partial exemption mainly affecting housing finance agencies and nonprofits; (e) extends coverage of the TILA-RESPA integrated disclosure (integrated disclosure) requirements to all cooperative units; and (f) provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process; and (2) the Bureau complied with the applicable requirements in promulgating the rule.

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Shirley A. Jones
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