Testing, Testing…

HousingWire reports the Consumer Financial Protection Bureau (CFPB) wants banks to test run some of the mortgage disclosures for consumers required by the Dodd-Frank Wall Street Reform Act before forcing them to fully comply, an idea attractive to the market. This collaborative approach will inform consumers on making good decisions, and solicit industry input during the trial run for how best to deliver the new procedures and processes. MHProNews has learned these trial balloons with select institutions, called Project Catalyst, will also provide safe harbor during the test period for lenders. Says Rick Sharga of Carrington Mortgage Holdings, “Reaching out to practitioners to create in-market trial programs that benefit consumers and work better for financial institutions is a win/win.”

(Image credit: totalmortgage)

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