CFPB looking at standard mortgage disclosures

If you get a credit card offer, it comes with a standard disclosure mandated by the government so banks can’t pull a fast one:

image

The Consumer Financial Protection Bureau is now looking at a similar disclosure for mortgages to increase transparency and allow consumers to make informed decisions when comparing rates from different lenders. It’s part of the CFPB’s Know Before You Owe project.

The agency has finished one round of testing, and it’s planning more, but in the meantime it’s put a prototype form up for public comment.

image

Click here to read the (short) explanation, or click here to jump right to a PDF of the proposed form

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
This entry was posted in The Buzz. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *