The Consumer Financial Protection Bureau (CFPB) has posted newly revised prototypes of a two-page "Loan Estimate" disclosure on its Web site for a second round of input on the way closing costs are presented.

As a result of the first round, CFPB officials refined the first page of the prototype that mainly discloses basic loan terms.

Now the bureau wants comments on the second page of two protoypes – “Redwood Credit Union" and “Dogwood Credit Union" -- that mainly deal with closing costs.

"The second pages of the Round 2 forms provide alternative approaches to showing closing costs, so that we can focus in on how much detail is helpful to consumers," the bureau said. The deadline for filing comments is July 5.

As a result the first round of comments, CFPB officials decided go with the "Ficus Bank" design for the first page of the disclosure, which presents loan terms, projected mortgage payments and has a section for comparing other loan offers. They also incorporate some "Pecan Bank" design features.

"Some consumers found the Ficus Bank format easier to use," the bureau said.

Now, the CFPB wants commenters to focus on the second page to determine how well the new prototypes communicate closing cost information.

The new agency plans to do three rounds before finalizing the new disclosures that will replace the Good Faith Estimate and Truth in Lending Act disclosures that borrowers receive shortly after applying for a mortgage.

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