Feds Want Your Feedback on Proposed Mortgage Forms

Inman News

Federal regulators are asking for industry input on prototypes for a new, unified settlement disclosure form that will replace the separate HUD-1 Settlement Statement and Truth in Lending disclosure form currently in use.

The Consumer Financial Protection Bureau -- which has also been asking for feedback this year on a unified loan disclosure form that consumers will receive when they apply for a mortgage -- says it plans to test a number of different designs for a new settlement disclosure form over the next few months.

The bureau will accept industry and consumer feedback until Nov. 16 on its initial prototypes for a redesigned settlement disclosure form. Based on that feedback, the bureau will fine-tune the prototypes and seek additional comments.