The new standard mortgage disclosure formfor borrowers will be tested starting next month, according to a report in the Wall St. Journal.
The Consumer Financial Protection Bureau (CFPB) created under the Dodd-Frank Act will oversee the implementation of the new document, which will streamline the documentation process for homeowners.
According to the WSJ report, the CFPB has been consulting with banks on the format and content of the revamp of mortgage forms for a number of months. The CFPB launches on July 21.
