- CFPB Releases Second Round of Mortgage Disclosure Forms for Public Comment
- July 6, 2011 | Authors: David N. Anthony; John C. Lynch
- Law Firms: Troutman Sanders LLP - Richmond Office ; Troutman Sanders LLP - Washington Office
The Consumer Finance Protection Bureau has released for public comment a second round of mortgage disclosures required under the Truth in Lending and Real Estate Settlement Practices Acts. The CFPB’s stated goal for the simplified mortgage disclosures is to provide consumers with a two-page document disclosing all key terms and costs associated with a mortgage.
The first round of mortgage disclosures addressed the front page “shopping sheets” of a proposed two-page disclosure form designed to allow consumers to compare key terms across mortgage products. The CFPB released the first round of disclosures on May 18, 2011, to an overwhelming response generating more than 13,000 comments.
The second round of mortgage disclosure includes prototypes for the back page of the forms which will disclose all relevant information concerning closing costs. As with the first round of disclosures, the CFPB seeks public input until July 5, 2011, and will incorporate public input into any final proposed disclosures.
The second round of mortgage disclosure forms are available on the Consumer Finance Protection Bureau’s website.