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Category: Policy and compliance |
Published

Know Before You Owe: Closer to closing (mortgage disclosure, that is)

Last month, we unveiled two new prototypes for a single mortgage disclosure to replace the HUD-1 Settlement Statement and final Truth-in-Lending disclosure. Currently, you receive both of these at closing. Consistent with the requirements of the Dodd-Frank Act, we are working to combine them. Our goal is to make this one combined form that is […]

Category: Policy and compliance |
Published

Know Before You Owe: It’s closing time

Last month, as we tested another round of the initial mortgage disclosure, we mentioned that we’d be shifting our focus in the coming months. Today, we begin testing a new form in Des Moines, Iowa: the closing disclosure. Currently, when you go to the settlement or “closing” of a loan, you receive a stack of […]

Category: Policy and compliance |
Published

Know Before You Owe: Weigh in now!

In May, 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. Since then, you’ve responded with more than 18,000 comments, and we’ve listened. Today, we’re asking for your input once again. Just like last time, here are a few […]

Category: Policy and compliance |
Published

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 […]

Category: Policy and compliance | Category: Data, research, and reports |
Published

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 […]