Here are two disclosure forms for the same loan product.

Which format would you prefer for your customer to use to compare your loan with another?</p

OPTION 1</p

</p

OPTION 2</p

</p

Please note: The prototype forms you are reviewing are designed to combine both the Good Faith Estimate and the initial Truth in Lending disclosure, consistent with the requirements of the Dodd-Frank Act. These prototypes are still early in the design phase. The numbers that appear on the forms are designed to comply generally with the existing regulations under TILA and RESPA, but we have made adjustments as necessary to enable us to test certain elements with consumers. For example, in Round 3 (Azalea and Camellia), the fee detail does not include language about tolerances. This allows us to focus on the design on this round. We will work on consumer understanding of tolerances in later rounds.</p

We are currently testing the application-triggered disclosures. This fall, we expect to test closing stage disclosures, which include the settlement statement.</p

We will consider the information submitted through our website as we analyze the information we receive in the in-depth interviews to further revise the prototypes. This round is open for feedback until Monday, August 8th at 7pm Eastern time. You can participate any time between now and then, but the sooner you tell us the earlier we’ll be able to start thinking about how to improve on these forms for the next round. Send us your feedback today!</p

VOTE HERE

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