New TIL and GFE Form

The Consumer Financial Protection Bureau (CFPB) recently released its fifth version of the draft mortgage disclosure form comparing a fixed-rate loan and an adjustable-rate  loan.  The CFPB said it will test this version of the disclosure with consumers, and consumers are invited to  go to this page to enter comments on the proposed form:  ”Know Before You Owe".  It appears that  the Bureau will finalize this form which combines the Truth in Lending form and Good Faith Estimate form in the very near future.

The CFPB has indicated it will release the first draft of a revised HUD-1 before Thanksgiving.   The last revision to the HUD form, which was effective on January 1, 2010, completely changed the form from a 2 page form to a 3 page form and  is very unpopular in the industry.