Mortgage Forms to Get Easier for Consumers

mortgage paperworkThe Consumer Financial Protection Bureau advanced its overhaul of annoying, incomprehensible mortgage forms on Wednesday in its first regulatory maneuver since the agency was created by last year's financial reform bill.

The CFPB rolled out two prototypes for a single, streamlined form to replace two complex and overlapping forms used by consumers to help gauge the real costs of their mortgage. The new regulator, which hopes to have a final form ready by September, is asking consumers to provide feedback on the forms online and is conducting in-person tests and interviews about the forms in six cities.
Consumer advocates and both community and Wall Street banks have lobbied for the change for years. Banks complain that it makes no sense for them to have to deal with two forms that carry the same basic information, while consumer advocates bemoan the fact that the forms aren't actually very helpful to consumers.

See the new prototype form here.
Compare it with the old form here.

Read the full story at the Huffington Post.

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