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The House Committee on Small Business has released CFPB Director
Richard Cordray's
responses to questions raised by the Committee on the potential
costs posed to the mortgage lending industry for compliance with
forthcoming regulations aimed at simplifying the cost disclosure
process. The CFPB will implement a new rule requiring disclosure of
key loan terms and associated costs on simplified, standardized
forms to be presented to borrowers at multiple stages of the
borrowing process. According to the responses, the CFPB estimates
total costs to the mortgage banking industry of approximately $100
million, resulting mostly from necessary software upgrades and
retraining of staff. Mr. Corday acknowledged that much of this cost
likely will be passed on to consumers, but nonetheless insisted
that charges per borrower would be low and that the industry would
eventually benefit from decreased compliance costs as a result of
simpler disclosure forms and quicker, more efficient origination
practices.
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