The CFPB is soliciting a third round of comments on its Know Before You Owe project to simplify disclosure forms used in the mortgage process. The agency last week extended the deadline to this Wednesday.
The CFPB introduced the Know Before You Owe project to give a voice to consumers, housing counselors, advocates, lenders, and others in the design process for our new mortgage disclosure form. The Bureau wants to assist consumers in understanding mortgage products they’ve applied for, before signing on the dotted line. During the first two rounds, the Bureau put several draft disclosure forms online and asked for public input. Since May, they received more than 18,000 comments on different versions of our draft disclosure forms.
In Round 1 and 2, the CFPB again asked for input on front-page designs for a single, simplified disclosure form. In the third round, the CFPB has posted two versions of the revised form and will be collecting public comment through Wednesday, August 10th at 7pm EST.
Woodstock Institute encourages you to visit www.consumerfinance.gov/knowbeforeyouowe and click on “Continue to Consumer Tool” to view and comment on the revised forms. You can learn more about the project by taking a look at recent blog posts.