The Consumer Financial Protection Bureau (CFPB) launched a plan to combine the Truth in Lending form with the Good Faith Estimate in an effort to create a single mortgage disclosure that is simpler and easier to understand.  Under the plan, called the "Know Before You Owe" project, consumers, lenders and brokers are encouraged to sign up to help provide feedback about the changes.

 

Stating a goal to make the process as open and transparent as possible, the CFPB announced that as part of the plan, they will make the new draft disclosures available online during the process and encourage interested parties to review them and provide their suggestions and ideas for improving them during the design process.

On the program webpage, anyone can provide their email address to receive updates when the draft disclosures are posted so they can be reviewed.

The CFPB stated that the design and testing phase for the new disclosures will begin in the coming months.  They have not announced a target implementation date for the new disclosures.