WASHINGTON, May 18 (UPI) -- The U.S. Consumer Financial Protection Bureau Wednesday unveiled an effort to merge two required mortgage disclosure forms into one easy-to-understand document.
The goal of "Know Before you Owe" project is to develop a form -- combining the Truth in Lending Act mortgage disclosure and the Real Estate Settlement Procedures Act Good Faith Estimate -- that makes the costs and risks of the home loan clear and allows consumers to comparison shop for the best offer, the Treasury Department said in a release.