Alert February 07, 2012

CFPB Asking for Comments on Mortgage Closing Disclosure Prototypes

The Consumer Financial Protection Bureau started a third round of testing of its mortgage loan disclosure drafts.  In this round, the CFPB is asking for comments on how two mortgage closing disclosure prototypes work with its current application disclosure prototype. The CFPB asks for consideration of a number of questions, including whether changes to loan terms or costs from application to closing can be easily identified. Click here for the CFPB blog post publicizing this round which includes useful background information and links to the prototypes.