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CFPB sample mortgage disclosures ready for comment
WASHINGTON (5/19/11)--The Consumer Financial Protection Bureau (CFPB) on Wednesday began the next stage of its mortgage disclosure simplification by releasing sample mortgage forms that combine the complicated documents required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one document. Current CFPB leader Elizabeth Warren said that the CFPB's mortgage project, known as the "Know Before You Owe" project, "is about giving consumers upfront, easy-to-understand information that helps them compare different mortgage offers and find the one that's best for them." The CFPB release aims to make the costs and risks of mortgage loans clearer and would help consumers to comparison shop for the best offer. The combined form is required under the Dodd-Frank Act and is intended to reduce mortgage lender regulatory burden and make mortgage disclosures less confusing to consumers. A final version of the new mortgage form is required to be released by July 2012. The forms are available in both Spanish and English and have been posted online for review and comment. The CFPB will also collect input via direct interviews in Albuquerque, N.M., Baltimore, Md., Birmingham, Ala., Chicago, Ill., Los Angeles, Calif. and Springfield, Mass. Credit unions and credit union members may give online feedback regarding the draft mortgage disclosure. Comments on this version of the forms will be accepted until May 27, and a new draft form will be released soon thereafter for an additional round of online comments. Use the link below to access the "industry tool" to comment on the form. The CFPB will collect and evaluate comments and revise the forms five separate times between now and September, and new sample forms will be released about once per month. A single draft disclosure will then be developed. The Credit Union National Association met with the CFPB ahead of the Wednesday release, and CUNA is planning to meet with the CFPB next week as well. For the CFPB release, use the resource link.
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