Looks like the CPFB has been working on hard on creating new loan disclosure forms and guess what?
They want to hear from you–yes YOU!
I’ve copied the email that they sent out! They want you to choose between two loan scenarios (Jasmine and Nandina) and tell them why you would choose one loan option over the other one. There is also a short questionnaire asking you for suggestions on what else you’d like to know about.
Would you please take a look and choose one of the other. Please let us know which loan option you choose and why! What suggestions did you make? THIS IS YOUR CHANCE TO PROVIDE INPUT (which is totally rare for a government agency anyway!) Karen Deis, Publisher, www.MortgageCurrentcy.com (Reading the fine print–so you don’t have to!)
Email Notice From CFPB:
Since May, we have been asking you to help us improve mortgage disclosure. By comparing different draft forms, you’ve helped us understand how to communicate information more effectively.
Now we need you to do something just a little different.
This time we’ve posted just one version of a disclosure, but with two different mortgage loan products. We’d like you to look at them and decide which one you would choose.
Make your choice today:
We’re shifting gears for a simple reason: Comparing two versions of a form is useful, but in the real world, consumers should be able to use disclosures to compare different loan offers, not different forms. An effective disclosure form should help people make the best decisions for themselves and their families.
We want to see how well this version of the form lets people do that. Can consumers use the form to choose the right loan for themselves and their families? Can lenders or advisers make a clear recommendation about the best loan?
Tell us which loan you prefer. Help us make mortgage disclosure forms easier to understand and use:
Thank you for your help,
The Consumer Financial Protection Bureau