The assistant director for mortgage markets said the bureau wants the new GFE mortgage application form to mesh with a new HUD-1 settlement sheet.
“The front–end form and the back-end will be harmonized to fit together,” McCoy said Monday morning at the Mortgage Bankers Association's regulatory compliance conference in Washington.
She noted the CFPB will complete a fifth round of public comments on its GFE redesign in a month, and then will draft regulations to merge the Real Estate Settlement Procedures Act, and Truth in Lending Act disclosures into a new application form.
In a few months, CFBP will start a similar process of seeking round after round of public input on a redesign of the HUD-1 settlement sheet.
The bureau wants to issue a proposed rule for merging the RESPA/TILA disclosures by July 2012, she said.
At the same time, CFPB will request one more round of public comment on the redesigned GFE application form and HUD-1 settlement sheet.