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CFPB Unveils Two Draft Mortgage Disclosure Forms

Posted on 5/19/2011

The Consumer Financial Protection Bureau yesterday unveiled two drafts for a single mortgage disclosure form that would merge Truth in Lending Act and the Real Estate Settlement Procedures Act disclosures as required by the Dodd-Frank Act.

Each draft prototype form has a different design that breaks down the mortgage offer, highlights key terms -- such as interest rate and projected monthly payment -- and also cautions borrowers about certain terms, including balloon payments. The CFBP will conduct five rounds of evaluation and revisions on the two prototype forms through September. Then it will select a single draft disclosure form and refine it. The bureau is not slated to issue a final version of the form until July 2012.

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