U.S. mortgage lenders would be required to give prospective borrowers “plain language” information on loan costs and risks under simplified disclosure forms released by the Consumer Financial Protection Bureau.
The agency is seeking public comment on “loan estimate” and “closing disclosure” forms that would replace two overlapping federal documents that “can be confusing to consumers and industry,” according to a statement released Monday. The changes are required under the Dodd-Frank Act of 2010, which created the consumer bureau.
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