The new Consumer Financial Protection Bureau recently announced plans to simplify the mortgage paperwork that has long confused potential homebuyers.
“The current forms can be complicated and difficult for consumers to use. They are also redundant and can be costly for lenders to fill out,” Elizabeth Warren, the Special Advisor on the CFPB, said in a statement. “With a clear, simple form, consumers will be in a better position to answer two basic questions: Can I afford this mortgage and can I get a better deal somewhere else?”
The consumer watchdog has offered two prototype forms. What do you think?
Let us know your thoughts in the comments below. You can also give the CFPB your feedback directly