A conference call was held between the ALTA RESPA Task Force and the Consumer Financial Protection Bureau. The timetable for introduction of the new loan disclosure forms and HUD-1 integration would be by year's end 2011.
According to the Task Force CFPB would not confirm whether tolerances will be part of the new HUD-1. The Task Force also reiterated the desire for title insurance disclosures which would meet jurisdiction differences.
The CFPB evidently didn't play any cards with regards to "itemization". The Task Force stressed the clarity and importance of itemization but in Round 4 of the proposed loan disclosure forms itemization was eliminated.
The CFPB expects to release one more round (round 5) of proposed mortgage disclosures before turning to the HUD-1 Settlement Statement.
Comments may be made at the CFPB website:
"Know Before You Owe"