Big lenders may lose with Elizabeth Warren’s simpler mortgage disclosure
Six financial industry associations, including the American Bankers Association and the Independent Community Bankers of America, wrote a letter on Nov. 10 to Federal Reserve chairman Ben Bernanke and other top officials expressing their support for some changes to mortgage disclosures. The letter didn’t support or oppose a shorter form.
Warren has said she would like to see a standard document of one or two pages to replace about 80 percent of the mortgage disclosures mandated by the Truth In Lending Act and the Real Estate Settlement Procedures Act. The current “pile of papers” confuses consumers and is costly to business, Warren has said.
She has also touted simplified disclosures as a way to make community banks more competitive with Wall Street.
Elizabeth Warren is a personal hero.