The Consumer Financial Protection Bureau on Friday updated its “Know Before You Owe” mortgage disclosure rule to provide more clarity to lenders.
The proposed amendments include clarifications on various issues that the bureau said it has provided in informal guidance. The agency has proposed additional tolerance provisions, clarified a partial exemption for housing finance agencies, extended the rule’s coverage to all cooperative units, and provided more clarity about privacy and the sharing of information.
But one area the plan did not provide more guidance was regarding how to cure “technical” errors in mortgage disclosures. Lenders had been seeking more details on that issue, but the CFPB said it cannot address every concern raised.
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