Tag Archives: CFPB

Mortgage disclosures in plain language

Report cover imageFor the past year, the Consumer Financial Protection Bureau, working with Kleimann Communications Group, has run extensive usability testing with consumers throughout the U.S. on the proposed new mortgage disclosure form. This form combines the original Truth in Lending disclosure and the Good Faith Estimate into a single three-page disclosure. Because purchasing a home is likely to be the most expensive and daunting purchase most of us will ever make, it’s critical that we receive clear, usable information that will allow us to compare rates from one lender to another and know exactly the fees we are paying. This new form will help us do that. (more…)

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What’s in the President’s hand?

President Barack Obama holds up a proposed mortgage application form

President Barack Obama holds up a proposed mortgage application form as he speaks at the James Lee Community Center in Falls Church, Va., Wednesday, Feb. 1, 2012. (Credit: AP Photo/Cliff Owen)

If you’ve ever bought a house, you probably remember the pages and pages of documents you signed. You probably wished they could be clearer and make more sense.

The Consumer Financial Protection Bureau (CFPB) thinks these forms can be clearer, too. They’ve been working on a new standard for mortgage disclosures — those forms that summarize the costs of a home loan.

The CFPB project, Know Before You Owe, has collected input from thousands of people in both in-person usability testing and through online comments collected on their web site.

In a story on CBS News, we found a photo of President Obama holding a version of the proposed form. Here’s what CBS News reported about the President’s comments:

“The president recalled his and First Lady Michelle Obama’s experience buying their first home together – a process he described, humorously, as so complicated that the two of them would end up looking through the forms and asking “what does this phrase mean?”

“And that’s, you know, for two trained lawyers,” he laughed.

He held up a one-page mock-up of what he wants such forms to look like in the future, and pointed to the Consumer Finance Protection Bureau (CFPB) as a means to achieving that end. …

The goal, he said, was to make things “simple, not complicated,” to protect consumers from getting “cheated.”

“Terms are clear. Fees are transparent,” he said.”

That’s plain language at work!

Obama unveils mortgage refinancing plan by Lucy Madison, CBS News Political Hotsheet, February 1, 2012

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Request for experiences with private student loans

The Consumer Financial Protection Bureau (CFPB) wants public input about your experience with private student loans, by January 17, 2012. (more…)

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Say What? The CFPB Unravels Credit Card Agreements

The Consumer Financial Protection Bureau (CFPB) has now added credit card agreements to its list of consumer-centered communication. The Bureau is asking for public comments about their prototype at www.consumerfinance.gov/credit-cards/knowbeforeyouowe/

Here’s an explanation of their new focus from Marla Blow, Acting Assistant Director, Card Markets, CFPB. (more…)

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Know Before You Owe – Mortgage Loan Forms

The Consumer Financial Protection Bureau is developing standard financial disclosure forms for mortgage loans.

(more…)

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