The Consumer Financial Protection Bureau has issued its prototype "mortgage shopping sheets" required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Section 1032(f) of Dodd-Frank directed the Bureau to propose model disclosures that combine the disclosures required under the Truth in Lending Act and Sections 4 (the HUD-1 settlement statement) and 5 (the closing costs information booklet and the good faith estimate) of the Real Estate Settlement Procedures Act into a single, integrated disclosure. Dodd-Frank gave the Bureau one year from the designated transfer date of July 21, 2011 to develop the combined disclosure, which aims to improve consumer understanding of mortgage costs. The Bureau has published two prototypes on its website at http://www.consumerfinance.gov/knowbeforeyouowe/ and seeks input from consumers and the industry on the prototypes.
