NAR Comments on CFPB RESPA/TILA Proposal
On Monday, Nov. 5, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on the 1100 page RESPA/TILA harmonization regulatory proposal. NAR reiterated that the CFPB should not fundamentally change the closing/settlement process and instead should focus on perfecting the combined Truth in Lending disclosure and Good Faith Estimate. NAR also suggested minor changes to the settlement statement to better disclose costs associated with appraisals. NAR warned that wholesale changes would impose significant costs on consumers and settlement service providers without much benefit.