Thursday, May 19, 2011

new disclosures in the making

Elizabeth Warren and the Consumer Financial Protection Bureau revealed two prototypes of mortgage disclosure forms Wednesday as part of the agency's effort to simplify documents for homebuyers shopping for mortgages.

The two prototypes combine the federal Truth in Lending Act mortgage disclosure form with the Real Estate Settlement Procedures Act to remove redundant information and allow consumers to make decisions based on clear and concise language, Warren said.

Read more on Housing Wire.