Earlier, we told you how the Consumer Financial Protection Bureau (CFPB) is striving to condense mortgage disclosure forms into one shorter, simpler form.
Now, after hearing feedback from over 13,000 consumers, lenders and housing counselors, theyâ€™ve finalized drafts of two sample forms to replace the Good Faith Estimate and the Truth in Lending form. The CFPB, along with considering online input, put these forms through five rounds of tests in six different cities.
Now is the final chance for consumers to have their say on the new mortgage disclosure form. To vote, go online to www.consumerfinance.gov and take a look at the sample copy of both forms. After placing your vote for your favorite, they will ask you to leave a comment on why you did not pick the other one (it is still confusing, missing vital information, etc.).
Since many potential homeowners plan on taking out a mortgage, it is crucial that mortgage disclosures outline everything you need to know in a way that is easy to understand. Now is your last chance to let your opinions be heard. After voting ends, the CFPB will be going through the comments and making any last minute revisions. Then, they will unveil the final form.
To further assist consumers when considering home ownership, the NFCC offers a variety of online calculators including â€œHow Much Home Can You Affordâ€ and â€œWhich Mortgage is Better For Me?â€ which can help you determine what mortgage product can be right for you. For more information click here to access these and other useful calculators to help you with your financial needs.