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CFPB Releases Next Round of Consumer Disclosures with Testing Examples

The Consumer Finance Protection Bureau (“CFPB”) has released the latest version of a new prototype mortgage “shopping sheet” on which it seeks public input. The CFPB has posted two different mortgage loans using the same draft version of the new prototype disclosure form. The sample mortgage loans, named Nandina and Jasmine, appear at http://www.consumerfinance.gov/knowbeforeyouowe/ and present standard loan information regarding typical mortgage loan terms. Each loan’s terms are disclosed on the new prototype disclosure form. The CFPB wants feedback on how well the form enables people to compare two different loan products. Visitors to the CFPB website will have until Monday, September 19, 2011 to compare the loan terms using the new prototype form and provide comments to the CFPB. The CFPB will continue to refine the prototype form.

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