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GFE & TIL to be combined into one disclosure

Reverse Mortgage Disclosure,
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Seniors Staying In Their Homes

More seniors are staying in their homes due to the economy. Also, the Consumer Protection Bereau releases a combination of GFE and Truth and Lightning Disclosures.

See the new disclosures at the links below:
New Disclosures

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2 Comments

  1. Shannon, did you say: “No before you owe” or “Know before you owe?” (LOL)

    Some believe that the real campaign being waged by the CFPB is the former, not the latter, especially, when it comes to reverse mortgages. Believe it or not, I am somehow staying optimistic on that front.

    I am not so certain if it is merely the decision of the CFPB as to what forms must be used as part of a loan package. Many believe that all the CFPB can do is order us to add the form. Based on other federal mandates, state laws, and even the legal opinion of the legal advisors for lenders, the new form may be little more than a new form to be signed by borrowers. No one is really sure what power or authority the CFPB has to override HUD (or other federal departments or agencies) on RESPA (or other) matters.

    Look for loan docs to grow in number, not shrink or simplify. Let’s hope I am wrong.

    • Dear Critic,

      I love the play on words…”NO, before you owe”.
      Let’s hope the optimistic view materializes with this new powerful government agency and reverse mortgage regulations.


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