WASHINGTON (7/6/12)--In what it indicated was one of probably three website posts on the subject, the Consumer Financial Protection Bureau (CFPB) Thursday started to prepare consumers, credit unions and other financial institutions, and any other interested parties, for the upcoming introduction of the new combined mortgage disclosure form.
To the home-buying and potential home-buying public, the CFPB message said:
"If you've ever applied for a mortgage loan, you've received two forms required by federal law: a two-page Truth in Lending form and a three-page Good Faith Estimate. They are meant to give you the basic facts about home loans that you apply for and to help you pick the mortgage product that's best for you. But these forms have overlapping information and complicated terms and are just plain difficult to understand."
The CFPB goes on to note that it has worked months to gather comments from consumers and lending industry representatives from across the country as it designed a simplified disclosure document.
"Soon, we will submit a Notice of Proposed Rulemaking to the Federal Register to begin the public notice-and-comment process.
"When we submit the proposed rule, we're also going to release a lot of interesting information here on our site: a side-by-side comparison of the existing forms and the new ones, reports on what we learned from testing the forms and from our discussions with small businesses, a timeline of the project leading up to this point, and a new way of presenting the rules and commentary that tell industry how to fill out the forms."
So stayed tuned.