CMC Letter to CFPB re Integration Round 1
Dear Professor Warren:
The Consumer Mortgage Coalition (CMC), a trade association of national mortgage lenders, servicers, and service providers, appreciates the opportunity to submit comments to the Consumer Financial Protection Bureau (CFPB) on its first round of “Know Before You Owe” prototype integrated mortgage disclosure forms. The CFPB published the second round before we had time to comment on the first round. We will comment on the second round separately.
CMC has for many years advocated that mortgage disclosures be improved and streamlined. Mortgage disclosures required today are overly complicated, voluminous, and in many ways conflicting and confusing. Therefore, we strongly support your efforts to create mortgage disclosure forms that will give prospective mortgage borrowers the information they need to make informed decisions. We are pleased that you have made this important Know Before You Owe project a high priority.