Disclosure Comparison_CFPB

*** CFPB; know before you owe ***

CFPB-Know-Before-Your-Owe-Mortgage-Disclosure

Mortgages are complex transactions that may include risky features. Consumers currently receive different, but overlapping, federal disclosure forms with the terms and costs of mortgage loans. Because these forms are confusing for consumers, Congress directed us to create new forms. We want you to use the new forms to inform yourself as you consider different loans.

What the new simplified mortgage disclosures mean for consumers

http://files.consumerfinance.gov/f/201311_cfpb_tila-respa_what-it-means-for-consumers.pdf

Final rule on simplified and improved mortgage disclosures
Detailed Summary

http://files.consumerfinance.gov/f/201311_cfpb_tila-respa_detailed-summary.pdf

CURRENT: Final TIL disclosure + HUD-1 Settlement Statement

http://files.consumerfinance.gov/f/201207_combined_til_gfe.pdf

NEW: Loan Estimate

http://files.consumerfinance.gov/f/201311_cfpb_kbyo_loan-estimate.pdf

CURRENT: Final TIL + HUD-1

http://files.consumerfinance.gov/f/201207_combined_til_hud1.pdf

NEW: Closing Disclosure

http://files.consumerfinance.gov/f/201311_cfpb_kbyo_closing-disclosure.pdf

CFPB who let this guy in

petition-pic-CFPB2

Nightmarish mortgage debacle alleged against bank by homeowner

February 1, 2014 12:01 AM
By KYLE BARNETT

BofA

GRETNA – A homeowner who restructured his mortgage claims that the mortgage company repeatedly sent important mail to the wrong address that led to the repeated underpayment of the mortgage and eventually to the bank hiring a collection company to recoup $4,000.

Mark J. Boudreau filed suit against Bank of America NA and Seterus Inc. in the 24th Judicial District Court on Jan. 21.

Boudreau alleges that in his negotiations with the Bank of America in restructuring his mortgage the bank repeatedly sent important documentation to an address in Youngsville when in fact he was actually living at 729 Huckleberry Lane in Terrytown. He claims he notified the bank of such on at least five occasions. The plaintiff asserts that one such piece of mail came after he had arrived at a settlement with the bank for a monthly payment and interest of $928.45 plus a monthly escrow payment of $431.66. Boudreau claims that as the settlement was being reached the piece of mail delivered to the wrong address increased the required escrow payment to $647.17.

The plaintiff alleges over the next several months he paid what he thought was the agreed upon amount, but received a notice from Seterus Inc., a collection agency, that he owed $4,000 due to his payments being lower than what was required. Boudreau asserts that Seterus Inc. was operating under false information provided to them by Bank of America concerning the mortgage payment required. After extensive negotiations and disputing the alleged debt Boudreau filed a complaint with the Consumer Financial Protection Bureau against Bank of America and Seterus Inc.

The defendant is accused of changing the terms of settlement agreement after they had already been established and using the incorrect contact information for vital mail that should have been provided.

An unspecified amount in damages is sought for mental anguish and distress, damaging the credit of the plaintiff and interference with business opportunity.

Boudreau is representing himself in the case pro se.

The case has been assigned to Division F Judge Michael P. Mentz.

Case no. 734-786.

Breach of Contract, changing the terms of settlement agreement, Consumer Financial Protection Bureau,damaging the credit of the plaintiff, interference with business opportunity, Seterus Inc., using the incorrect contact information for vital mail.