Today the Consumer Financial Protection Bureau (CFPB) updated us on the extensive process used to develop the new combined TIL/RESPA forms. There is no question about it, the CFPB did exhaustive work designing the new combined forms. I expect the forms will be clearer and much easier to use.
But there is one simple fact that Congress and the regulators refuse to grasp – borrowers do not read disclosures and they do not shop for credit by comparing disclosures from one lender with disclosures from another lender. Changing forms is easy compared to changing people’s habits.
Meanwhile, the wait for the much anticipated new forms continues.