Home Loan Disclosures|to Be Simplified

WASHINGTON (CN) - The Consumer Financial Protection Bureau plans to combine disclosure rules and forms for most closed-end consumer credit transactions secured by real property, under the Dodd-Frank Wall Street Reform and Consumer Protection Act

The disclosures and forms are from the Truth in Lending Act and the Real Estate Settlement Procedures Act.

In addition to combining the existing disclosure requirements and implementing new requirements from the Dodd-Frank Act, the proposed rule provides extensive guidance regarding compliance with those requirements, according to the rule.

Comments will be accepted in until September and November, depending on the section addressed.

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