IDAHO FALLS, Idaho (1/2/13)--DocuTech Corp., an Idaho Falls, Idaho-based mortgage document compliance services provider, is leading a response from lenders to the Consumer Financial Protection Bureau's (CFPB) recently announced Project Catalyst, which seeks to involve mortgage executives in testing new disclosure forms.
The CFPB has been working on new mortgage disclosure forms, which outline the expected closing costs and terms of the mortgage for consumers, for the past 18 months. As part of this initiative, the bureau's goal is to encourage credit unions, banks and other financial services companies to propose and conduct trial disclosure programs.
DocuTech is leading a group of lenders in testing different formats to provide feedback to the CFPB.
"The CFPB recognizes that what seems like a good idea in theory often hits unexpected obstacles when put into full production," said Scott K. Stucky, DocuTech chief operating officer. "We are in a unique position to help lenders not only evaluate the disclosures from a content perspective, but to also test ease of implementation and the impact to operations."