The Consumer Financial Protection Bureau, a recently created agency headed by Elizabeth Warren (which I am watching with great interest*), has just issued a call for input on its new mortgage comparison forms. The forms are to replace two other forms that are currently required by government with only one form, which is also meant to give the consumer a simple piece of paper that they can use to compare mortgages from different lenders.
I’m very excited about the prospect of simplified mortgage purchasing and a form that make comparison shopping easier for consumers. Hopefully the form will reduce the abusive lending practices that we’ve seen recently, such as only presenting subprime loans to consumers when they could have qualified for cheaper loans.
Here’s the thing, though; the Consumer Financial Protection Bureau wants your input on the type of form that should be released. When Elizabeth Warren lectured at the Clinton School of Public Service, she said that they had some top-notch consultants assisting them in making the forms as understandable and easy to use as possible. Even though they have experts in form readability working on the design, they still want input from the public on what forms they should use. They’ve just released the first round of forms for public comment – so go comment!
When you’ve taken the time to look at the forms, come back and share what you think in the comments!**
* Agency or Warren? Both.
** I don’t want to skew the poll when I send my vast readership to the website to vote, so I won’t tell you which one I chose. I’ll just tell you that it’s the better one.