Download or read book Improving Consumer Mortgage Disclosures written by Jason C. Castleman and published by Nova Science Publishers. This book was released on 2009-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent developments in the sub-prime home loan market have triggered concern in Congress and the public at large as to whether borrowers were fully informed about the terms of their mortgage loans. Some observers have suggested that some borrowers in the sub-prime market may have been victims of predatory lending practices or other discriminatory activity. Bills introduced in the 110th Congress, such as S. 1299 (Senator Charles Schumer et al.) and S. 2452 (Senator Christopher Dodd et al.) would seek to remedy perceived abuses particularly with higher-priced mortgage lending. This book describes current issues and recent changes to the Home Mortgage Disclosure Act (HMDA) of 1975. Also included are brief explanations of how recent reporting revisions may affect the reporting of loans covered by the Home Ownership and Equity Protection Act of 1994 as well as those insured by the Federal Housing Administration.
Download or read book Improving Consumer Mortgage Disclosures written by James Michael Lacko and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving Consumer Mortgage Disclosures written by James Michael Lacko and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Model of Mortgage Search with Information Disclosure written by Eva Nagypal and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent regulation by the Consumer Financial Protection Bureau (CFPB) and earlier regulation by the U.S. Department of Housing and Urban Development set out to improve the accuracy, clarity, comparability, and timeliness of mortgage disclosures in order to improve consumer decision-making and welfare when selecting a complex mortgage product. This research note provides a formal theory of how more accurate and timely disclosures can, on average, lead to consumers taking out better mortgages.The model makes two contributions. First, it shows that more accurate initial disclosures provided during the course of mortgage shopping improve the ability of consumers to shop since they can more reliably compare offers that are less likely to change substantially. More timely disclosures may similarly provide borrowers more time to shop. These improvements then, on average, improve consumer welfare. Second, in the model, disclosure comparability is likely to be under-provided in a market equilibrium due to an informational externality. This externality is present because, in a search environment, some of the benefits of comparability accrue to consumers and any potential later providers those consumers match with. As a result, firms generally underinvest in disclosure comparability. This result implies that disclosure regulation may be beneficial in this market by improving the comparability of disclosures, just as the CFPB's integrated mortgage disclosure rule intended to do.
Download or read book Delayed Implementation of Certain New Mortgage Disclosures Us Consumer Financial Protection Bureau Regulation Cfpb 2018 Edition written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-06-11 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Delayed Implementation of Certain New Mortgage Disclosures (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) The Law Library presents the complete text of the Delayed Implementation of Certain New Mortgage Disclosures (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition). Updated as of May 29, 2018 The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z (Truth in Lending) to, in effect, delay implementation of certain new mortgage disclosure requirements in title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act that would otherwise take effect on January 21, 2013. Instead, to avoid potential consumer confusion and reduce compliance burden for industry, the Bureau plans to implement these disclosures as part of the integrated mortgage disclosure forms proposed earlier this year, which combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Accordingly, this rulemaking exempts persons from complying with these mortgage disclosure requirements and provides that such exemptions are intended to last only until the integrated mortgage disclosure forms take effect. This book contains: - The complete text of the Delayed Implementation of Certain New Mortgage Disclosures (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) - A table of contents with the page number of each section
Download or read book Home Mortgage Disclosure Act written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Home Mortgage Disclosure Act written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Affairs and Coinage and published by . This book was released on 1992 with total page 1048 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Guidebook Home Mortgage Disclosure Act and Reinvestment Strategies written by National Training and Information Center (Chicago, Ill.) and published by . This book was released on 1979 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book More Than You Wanted to Know written by Omri Ben-Shahar and published by Princeton University Press. This book was released on 2014-04-20 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: How mandated disclosure took over the regulatory landscape—and why it failed Perhaps no kind of regulation is more common or less useful than mandated disclosure—requiring one party to a transaction to give the other information. It is the iTunes terms you assent to, the doctor's consent form you sign, the pile of papers you get with your mortgage. Reading the terms, the form, and the papers is supposed to equip you to choose your purchase, your treatment, and your loan well. More Than You Wanted to Know surveys the evidence and finds that mandated disclosure rarely works. But how could it? Who reads these disclosures? Who understands them? Who uses them to make better choices? Omri Ben-Shahar and Carl Schneider put the regulatory problem in human terms. Most people find disclosures complex, obscure, and dull. Most people make choices by stripping information away, not layering it on. Most people find they can safely ignore most disclosures and that they lack the literacy to analyze them anyway. And so many disclosures are mandated that nobody could heed them all. Nor can all this be changed by simpler forms in plainer English, since complex things cannot be made simple by better writing. Furthermore, disclosure is a lawmakers' panacea, so they keep issuing new mandates and expanding old ones, often instead of taking on the hard work of writing regulations with bite. Timely and provocative, More Than You Wanted to Know takes on the form of regulation we encounter daily and asks why we must encounter it at all.
Download or read book Improving Consumer Protections in Subprime Lending written by United States. Congress. Senate. Committee on Commerce, Science, and Transportation. Subcommittee on Interstate Commerce, Trade, and Tourism and published by . This book was released on 2012 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dodd Frank 2 0 written by Debra Pogrund Stark and published by . This book was released on 2014 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress and the Consumer Financial Protection Bureau (the “Bureau”) have taken major steps under the Dodd-Frank Wall Street Reform and Consumer Protection Act to begin to meaningfully address the predatory practices that led to the mortgage loan crisis. However, most of the legal reforms enacted to help consumers are more in the nature of a “nudge” than outright prohibition of predatory practices. Consequently, home loan disclosure forms and disclosure rules remain the primary method under federal law to enable borrowers to avoid entering into predatory loans. And while the new home loan disclosure forms created by the Bureau are a vast improvement over the forms used prior to 2010, we argue that the Bureau's new Loan Estimate form is doomed to fail many consumers due in large part to: (i) pernicious practices that mortgage brokers and lenders commonly engage in when presenting the forms to the borrower (including saying “sign here” rather than “please carefully review this form” causing many consumers not to carefully read or to only skim over the form), (ii) the complicated nature of the home loan decision making process and the high level of financial illiteracy of many consumers (as evidenced in the results from a financial literacy test that we gave experiment participants), and (iii) certain cognitive phenomena we describe that impede rational decision making in this context. We hypothesize that revising the Loan Estimate form to make it “interactive” in the manner we propose will better address the afore-described barriers to consumers' effective use of the disclosure forms. In addition, we report on two experiments we ran that demonstrate that one major change the Bureau made to the Loan Estimate form (to greatly de-emphasize the “APR”) was a major step backward. Experiment participants using the Bureau's new Loan Estimate form were able to identify the lower of two offered home loans at only chance level (44%) compared with 74% who were able to do so with our proposed enhanced APR disclosure. Consequently, we urge the Bureau to revise the Loan Estimate Form before it becomes effective in August 2015 to reflect the enhanced APR disclosure we designed together with certain interactive features we propose.
Download or read book Alternative Mortgage Products Impact on Defaults Remains Unclear but Disclosure of Risks to Borrowers Could be Improved written by and published by DIANE Publishing. This book was released on 2006 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Consumer Protection in Mortgage Disclosures written by Hans Toohey and published by . This book was released on 2021 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Integrated Mortgage Disclosures Real Estate Settlement Procedures Act Regulation X Truth in Lending Act Regulation Z Us Consumer Financial Protection Bureau Regulation Cfpb 2018 Edition written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-06-16 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: Integrated Mortgage Disclosures - Real Estate Settlement Procedures Act, Regulation X - Truth in Lending Act, Regulation Z (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) The Law Library presents the complete text of the Integrated Mortgage Disclosures - Real Estate Settlement Procedures Act, Regulation X - Truth in Lending Act, Regulation Z (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition). Updated as of May 29, 2018 Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the Bureau to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act. Consistent with this requirement, the Bureau is amending Regulation X (Real Estate Settlement Procedures Act) and Regulation Z (Truth in Lending) to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements imposed by the Dodd-Frank Act, the final rule provides extensive guidance regarding compliance with those requirements. This book contains: - The complete text of the Integrated Mortgage Disclosures - Real Estate Settlement Procedures Act, Regulation X - Truth in Lending Act, Regulation Z (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) - A table of contents with the page number of each section
Download or read book Improving Federal Consumer Protection in Financial Services written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2007 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Guidebook for Using Home Mortgage Disclosure Data for Community Development and Maintenance written by Northeast Ohio Areawide Coordinating Agency and published by . This book was released on 1980 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Discrimination written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Consumer and Regulatory Affairs and published by . This book was released on 1990 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:
