In the ongoing effort to combine Truth in Lending and Good Faith Estimate forms into a single document, the Consumer Financial Protection Bureau today released the second drafts of two sample mortgage disclosure forms, and is now seeking public comment.
The CFPB released the first round of revamped forms on May 18, after which it received more than 13,000 comments on the disclosures.
The feedback was “largely consistent with the one-on-one interviews we conducted with consumers, lenders, and brokers, and we’ve incorporated much of it into our new prototypes,” the CFPB wrote on its website.
While the first round of prototypes focused on the front page, or “shopping sheet” of the disclosure forms, the second round focuses on the back page of the forms, which covers the closing costs.
The new forms incorporate feedback from the first round of public comments, in an effort to present a design and explanation that is easily understood by consumers.
As in the previous round of review, the CFPB aims to address whether the forms help consumers understand closing costs, whether brokers and lenders can easily explain the information to customers, and seeks feedback on possible clarifications or improvements that the CFPB can implement into the next round of forms.
The request for feedback is open through Tuesday, July 5.
View the new mortgage disclosure form drafts.
Written by Elizabeth Ecker