Simplified U.S. Mortgage Document Coming in Summer, Cordray Says
The Consumer Financial Protection Bureau will unveil plans for a simplified mortgage disclosure this summer, its director, Richard Cordray, said in an interview.
“We have to do some quantitative consumer testing on that to really get to the finish line,” Cordray said in an interview with Bloomberg Television that will air today. “I think that will be a game changer in the market because consumers will be able to see in a single document the main key points they need to know without all of the fine print that has often obscured and confused consumers.”
Under a mandate of the Dodd-Frank law of 2010, the consumer bureau had to propose by July 21, 2012, a simplified mortgage shopping sheet that aimed to enable comparisons. The 1,099-page proposal subsequently drew strong criticism from lawmakers and smaller banks.
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