7 filtered results

Published Category: Policy & Compliance

Know Before You Owe: We’re Back!

Last month, we introduced the Know Before You Owe project to give consumers, lenders, and other industry participants a way to help us make mortgage shopping easier. You responded with more than 13,000 comments, and we listened. We appreciate the time you took to give us those comments. Your feedback was largely consistent with the […]

Mortgage Disclosure Is Heating Up

Previously, we talked about participation by people from locations all over the country in the Know Before You Owe project. Today, we want to share some insights about what we heard – or really, what we saw – from your feedback. The tool we built let users give us feedback in two basic ways: By […]

13,000 Lessons Learned

As you might recall, the Dodd-Frank Act instructed the CFPB to replace the Truth in Lending form and the Good Faith Estimate with a single integrated mortgage disclosure. Instead of two forms that are long and complicated and contain overlapping information, our aim is to design a single form that is easier to explain and […]

Published Category: Policy & Compliance

Explainer: What is a nonbank, and what makes one “larger”?

Dear CFPB, I noticed you posted a request for public comments on “larger participants” for your “nonbank supervision” program. I don’t understand what this is about. I know what a bank is – I walk past one every day on my way to work – but what is a nonbank? And larger than what, anyway? […]

Know Before You Owe, Credit Unions, and Community Banks

As you have been reading here on the blog, we released the first draft versions of a combined Good Faith Estimate and Truth in Lending disclosure form in May. Here on the website, we asked for public feedback through the Know Before You Owe project. We’ve also been talking to some of the institutions that […]

Know Before You Owe: Where Did the Online Participants Come From?

We received thousands of comments in response to the first phase of our Know Before You Owe project, which asked the public for input on a single, simpler mortgage disclosure. Right now, someone who applies for a mortgage gets two disclosure forms, the Truth In Lending disclosure and the Good Faith Estimate. Congress tasked the […]