The new Consumer Financial Protection Bureau held the first in a series of upcoming forums today to discuss the simplification of mortgage disclosure forms. The bureau seeks input on a way to make forms easier for borrowers to understand so they can make financial choices that better suit their lifestyle, according to a press release. “Fine print obscures the cost of credit and makes it impossible for families to compare products,” said Elizabeth Warren, newly appointed assistant to the president and special advisor to the Treasury secretary. “This is particularly true in the mortgage market, where borrowers receive stacks of incomprehensible paperwork when they’re looking for a loan.” Disclosure forms outline a borrowers income, assets, and employment status among other things to verify eligibility for a loan. The CFPB is tasked with combining and simplifying two specific forms under the Truth in Lending Act of 1968 and the Real Estate Settlement Procedures Act of 1974. The forms overlap in some areas, but have remained separate since their origination. Today’s forum included consumer-advocacy groups, housing counselors, financial-literacy experts and mortgage companies. Warren and Treasury secretary Timothy Geithner lead the forum. Write to Christine Ricciardi.
Consumer Financial Protection Bureau holds first open forum to discuss policy
Most Popular Articles
Latest Articles
Labor market report is good news for mortgage rates
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected, which is good news for mortgage rates.
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts
-
NAR settlement terms slated to go into effect in mid-August