Start here. This is where Jack Guttentag, writing for
Inman News, launches into the first of his two-part series about the new Consumer Financial Protection Bureau’s attempts at consolidating the TIL and the GFE. Past efforts by HUD and the Federal Reserve to do this, he says, have never succeeded in helping borrowers to more effectively shop for a mortgage because the forms are provided
after a potential borrower has applied for a loan.
Now go here. The CFPB isn’t faring much better. In the second part of the series, Dr. Guttentag insists that based on the designs released for public feedback, the new disclosure would not protect borrowers from the two most troubling hazards of mortgage loans: overcharges by both third-party service providers and lenders. Their saving grace, however, is that “the proposed disclosure will be far better than the TIL and GFE in helping borrowers
select the right type of mortgage.” After reading his articles, what's your take?