DocuTech Plans to Lead CFPB Disclosure Tests
Industry vendor DocuTech said Wednesday it will be leading a response from lenders to the Consumer Financial Protection Bureau’s Project Catalyst, which aims to involve mortgage executives in testing new disclosure forms.
DocuTech said it is specifically focusing on the new disclosures the CFPB has been working on that are designed to outline expected closing costs and mortgage terms for consumers, and industry tests of the different formats for these that the CFPB has planned.
“The CFPB recognizes that what seems like a good idea in theory often hits unexpected obstacles when put into full production,” said Scott Stucky, chief operating officer for DocuTech, in a press release.
Some mortgage executives have had a mixed reaction to earlier efforts to streamline the disclosures.