CFPB Proposes Two-Month Extension of Know Before You Owe Mortgage Rule

Proposal Open for Public Comment Until July 7th

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. The rule, also called the TILA-RESPA Integrated Disclosure rule, requires easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The Bureau is issuing the proposal to correct an administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15 at the earliest.

The CFPB is proposing a new effective date of Saturday, October 3. The Bureau believes that moving the effective date may benefit both industry and consumers with a smoother transition to the new rules. The Bureau further believes that scheduling the effective date on a Saturday may facilitate implementation by giving industry time over the weekend to launch new systems configurations and to test systems. A Saturday launch is also consistent with existing industry plans tied to the original effective date of Saturday, August 1.

The proposal will be open for public comment until July 7.

A copy of the proposal is available here:

MLS 198320. 1702 Sherman Dr

MLS 198320.  1702 Sherman Dr. Killeen Texas 76543

Fully Remodeled!! This Home is close to post, schools, shopping, and is an ABSOLUTE must see! This Gorgeous four bed two bath Home is in the established Chimney Hills subdivision. This home sits on a corner lot with plenty of yard! It Features all new paint, floors, lighting,and fixtures in the remodeled kitchen and bathrooms. There is tile in the Kitchen, Dining, Hallway and Bathrooms. The Bedrooms are spacious with fresh carpet in the master and two of the minor rooms. There is tile in the fourth. The fourth room is very flexible and can be used as a room, den, study, or as a second master! It has Built in Bookcase and storage next to the bay window. The back yard is HUGE and has a shed and a nice Big patio! This home will be gone fast so come see it today!!

What happens when the seller won’t make repairs?

Via Texas Association of Realtors:

Q: I made an offer on a home, and an inspector found several things that need to be repaired that weren’t listed on the seller’s disclosure. The seller refuses to make the repairs. Doesn’t he have to?

A: No. A professional inspection will often reveal items in need of repair that the seller didn’t know about. When that happens, you can propose an amendment to the contract requesting that the seller make specific repairs. However, the seller is not obligated to accept the amendment to make repairs.

If he does not accept the amendment, and if your contract includes a termination option, you have the right to terminate the contract prior to the option period’s expiration date.