Sep 13, 2011
CFPB tests mortgage disclosure forms
13 Sep 2011
Posted by Andrew Kantor
If you get a credit card offer in the mail, you’ll see how the information about the interest and fees is laid out clearly and concisely:
The Consumer Financial Protection Bureau is planning to require that mortgages get a similar treatment as part of its “Know Before You Owe” program/initiative.
It’s been testing different versions of the forms consumers shopping for a mortgage would see, asking those very consumers for feedback. Now it’s taking one version (which may or may not be the final one released later this year) and testing it with two different sets of information to see if consumers can understand it well enough to pick the better loan.
Here’s a pic:
The Bureau will continue to test forms online and in person as it works to integrate various disclosure requirements into something that’s clear for consumers who are loan shopping.