Housingwire:
Over the next few months, the Consumer Financial Protection Bureau will begin revising and posting drafts of new mortgage disclosure forms lenders will be required to provide.
The Dodd-Frank Act mandates the new federal agency to combine the Truth in Lending Act and Real Estate Settlement Procedures Act forms for borrowers to better understand terms of a mortgage. The agency is required to issue a proposal within 18 months of opening, which is scheduled for July 21. However, lawmakers continue to spar over how the agency will operate and who will lead it.
The CFPB is meeting with other regulators, researchers, industry representatives, graphic designers and consumer advocates, as it tinkers with the design of the disclosure forms, versions of which will be available on its website.
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