CFPB Updates Know Before You Owe Rule

By Jann Swanson

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has announced final updates to it “Know Before You Owe” mortgage disclosure rule which went into effect on October 3, 2015. The changes are intended to formalize guidance on the rule and provide greater clarity and certainty. The amendments finalized on Friday address a handful of issues within the rule. Before implementation of the mortgage disclosure rule the total of payments disclosure was determined using the finance charge as part of the calculation. The rule changed the calculation to not make specific use of that charge . The update will include tolerance provisions for the total of payments that parallel the tolerances for the finance charge and disclosures affected by the finance charge. The rule gave a partial exemption from disclosure…(read more)

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