WASHINGTON — Requiring lenders to include additional information about the lending process on the good faith estimate form would only serve to further complicate the mortgage process, according to two interested parties.
NAFCU recently told the U.S. Department of Housing and Urban Development that the move would burden credit unions, result in a more complicated form and not help borrowers.
Many aspects of the proposal would "create or worsen consumer confusion" because they are inconsistent with other disclosure requirements, according to a letter sent by B. Dan Berger, the group's senior vice president for government affairs.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
