The Consumer Financial Protection Bureau will be seeking a second round of public comments on its prototype mortgage disclosure forms next week.
"A second round of sample prototype forms will on our website next week," CFPB assistant director Patricia McCoy said Friday morning. She spoke at a Mortgage Lending Industry Diversity Conference in Ballston, Va.
The consumer protection agency posted the first prototypes on its website in May to solicit public input. CFPB officials also interviewed consumers and lenders to get feedback on the disclosures form that will eventually replace the Good Faith Estimate and Truth in Lending Act disclosures that consumers receive when they apply for a mortgage.
The bureau said it received 13,096 comments on the first round. "More than seven thousand came through the consumer version of the feedback tool and more than five thousand through the industry version."
During the first round, CFPB asked for general comments on a "Ficus" disclosure form and the "Pecan" form.
"This time, we are going to focus a little more closely on one aspect: how effective the form is at communicating closing costs. Closing costs are complicated, and we need your help to make sure our form deals with them in the clearest way possible," the bureau said.
CFPB plans to do three more rounds of public input as it refines the disclosure form.
