The Consumer Financial Protection Bureau (CFPB) yesterday proposed banning several controversial mortgage fees and unveiled new disclosure forms intended to help borrowers better understand the terms of their home loans, the Washington Post reported today. CFPB Director Richard Cordray highlighted abuses in the mortgage market and said restoring trust in the industry was one of the key drivers for creating the agency. Under the new proposals, all borrowers would receive new disclosures when they apply for a mortgage. The revamped disclosures are part of the CFPB's "Know Before You Owe" initiative, and the agency has spent the past year and a half testing the new forms with consumers, lenders and industry groups.
