The Consumer Financial Protection Bureau formed a small business review panel to help the agency vet and discuss the potential impact of prototype mortgage disclosures forms that will eventually affect small businesses involved in mortgage lending and loan closings.
The review panel will solicit feedback from small businesses to ensure the new mortgage disclosure forms, which are designed to be more transparent and simple, take into account the needs of small mortgage companies.
The prototype forms, which are part of the "Know Before You Owe Campaign," combine the Truth in Lending Act and the RESPA forms into one combined mortgage document.
"This is another step in the CFPB’s wide-ranging efforts to gather the input of the people who will be affected by our rules," Director Richard Cordray said. "The CFPB is dedicated to issuing thoughtful, research-based rules that take into account not only the benefits to consumers but also how businesses of all sizes will be affected. We take all feedback seriously."