November 15, 2011
The Consumer Financial Protection Bureau (CFPB) moved to the second phase of its Know Before You Owe mortgage project by releasing the first draft of two alternative prototypes of a final disclosure form to be used during closing to explain to consumers final loan terms and closing costs.
The CFPB issued two draft forms of the closing disclosure, combining the Truth in Lending disclosure and a HUD-1 Settlement Statement. The first, called Ironwood Bank, is six pages. The second, Hornbeam Bank, is five pages. For more information on the draft forms visit the CFPB site Know Before You Owe.