THE BASIS POINT

Good Faith Estimate Revisions: CHIME IN NOW!

So much effort has gone into discrediting and dismantling the new Consumer Financial Protection Bureau, you start to believe it after awhile. But as a mortgage insider, I have to say their first big splash looks ok. Today, they posted proposed disclosure forms for mortgage consumers and pros to comment on. They’re a big improvement on the new 3-page Good Faith Estimate the mortgage industry was forced to implement January 2010.

That January 2010 consumer disclosure is a joke—I’ve had PhD clients get stumped by it. More on that as this new round progresses. For now, consumers and pros should click the image below to provide on-screen feedback on the proposed forms.