American Banker (07/01/08) P. 3; Hopkins, Cheyenne
The Federal Reserve has responded to concerns from the mortgage industry about potential conflicts between the standardized good-faith estimate proposed by HUD as part of its modernization of the Real Estate Settlement Procedures Act and the one-page disclosure form proposed by the central bank last year as part of its revamp of the Truth in Lending Act that would merge disclosure requirements for various agencies. A letter sent to HUD on June 13 urged the agency to collaborate with the Fed to synchronize their disclosure forms to avoid duplication and inconsistencies. Sandra Braunstein of the central bank's consumer and community affairs division wrote, "Any effort to hasten adoption of new mortgage loan disclosures without adequate testing and development could, in the long run, hurt consumers more than help them, especially if consumers receive inconsistent disclosures under different legal regimes."
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