Simpler U.S. Mortgage Forms May Include New Cost Formula
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The U.S. Consumer Financial Protection Bureau is close to revealing the details of its marquee project: reducing the reams of paperwork that borrowers must hack through when getting a mortgage.
The project, designed to benefit consumers and lenders, began more than year ago to consolidate and simplify forms that federal law requires that lenders provide to borrowers. In May 2011 the agency started releasing model disclosure forms that it said were easier to read and understand.