The Consumer Financial Protection Bureau's (CFPB) prototypes for a single mortgage disclosure form won praise from industry groups Wednesday for their streamlined format, as well as the unorthodox way they are being developed.

Under the Dodd-Frank Act, the CFPB does not have to issue a final version of the form until July 2012. But the bureau has already invited industry representatives, bankers and consumer advocates to weigh in on the model forms, which will be tested on focus groups and revised throughout the summer before the formal rulemaking process even begins.

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