CFPB Releases Alternative Closing Disclosures For Public Comment

The Consumer Financial Protection Bureau (CFPB) has begun testing two new alternative prototypes for mortgage closing disclosure forms.

The CFPB began qualitative testing of the forms this week in Des Moines, Iowa, the bureau wrote in a blog post Tuesday.

The alternative draft forms, which are now open for public comment, will be further refined over the next few months, the CFPB said.

"As for the rest of the stack of paper that you currently receive at closing, we expect in coming months to talk with industry and other regulators to see if there are ways to simplify and streamline those documents as well," the blog post said.

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