We’ve just posted two draft designs for a single, simpler mortgage disclosure form on our Know Before You Owe page. Now, we need to hear from you!
The task is pretty simple: Consumers would receive a form similar to one of these versions within a few days of applying for a loan. Take a look, and tell us which one would do a better job of disclosing the necessary information.
What information should lenders and brokers share with consumers when they apply for a mortgage?
Right now, anyone who applies for a mortgage gets two disclosures that contain basic information about the mortgage: the Truth in Lending form and the Good Faith Estimate.
The feedback process we’re starting today is one of the first steps in combining the Truth in Lending form and the Good Faith Estimate into a single, simpler disclosure form. While you’re looking at one of the forms, think about these questions:
- Would this form help consumers understand the true costs and risks of a mortgage?
- Could lenders and brokers clearly and easily explain the form to their customers?
- What would you like to see improved on the form? Is there some way to make things a little bit clearer?
At the heart of our work is the idea that the consumer financial product and services market should work for you. We think we should learn from you what you want to see. One of the best ways to do that is also the simplest: we’re asking.
This is the first step in a process that will last months. There will be more opportunities to weigh in as we move forward.
But if you want to help set the direction of a new mortgage disclosure form from the beginning, you should weigh in today.