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Washington
CFPB continues to test mortgage disclosure form revisions
WASHINGTON (10/18/11)--The Consumer Financial Protection Bureau (CFPB) has released another version of its simplified mortgage disclosure form as part of its ongoing Know Before You Owe project. The CFPB’s Know Before You Owe project, which began in May, asked for comment on several drafts of a sample mortgage form that combines certain consumer disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one document. The revisions are meant to make the disclosures concerning the costs and risks of mortgage loans clearer and to help consumers comparison shop for the best mortgage loan offer. The combined form is required under the Dodd-Frank Act, and the CFPB is required to publish rules and model disclosures for the new mortgage form by July 2012. The CFPB said it has received more than 24,000 comments during the previous stages of the form revision project. Commenters have recommended adding information on total payments and closing costs to the form, and have also proposed design changes, the CFPB said. The latest version of the form is not being released online for public comment, but is being tested by lenders and potential homebuyers in the Albuquerque, N.M., area. The CFPB is still working on the final version of the mortgage disclosure form and said Monday that a prototype closing disclosure would be released for public comment soon. The agency late last month said it would begin developing new mortgage regulations once the ongoing mortgage disclosure form revision project is completed. Credit Union National Association (CUNA) staff have met with the CFPB to discuss the mortgage disclosure revision project, and CUNA continues to be actively involved in roundtable discussions and other forums with CFPB personnel and others as the drafting and testing phases of the revision process moves forward. For the CFPB release, use the resource link.
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