In May, the Consumer Financial Protection Bureau posted new Good Faith Estimates for public and industry feedback. Today they posted the second draft of the new consumer mortgage disclosures after receiving more than 13,000 comments.
These are what consumers will be given by lenders to explain loan terms and quote rates, so consumers and industry players should chime in. They’re an improvement on the awful 3-page Good Faith Estimate the mortgage industry was forced to use as of January 2010—the most savvy consumers are stumped by it daily. These unfortunately got more complicated in round-two, but they’re still an improvement. Go vote!