CFPB Blog: Mortgage Disclosure Is Heating Up

Exceprt from The Consumer Financial Protection Bureau Blog

June 24, 2011

Written by The CFPB Web Team

Previously, we talked about participation by people from locations all over the country in the Know Before You Owe project. Today, we want to share some insights about what we heard – or really, what we saw – from your feedback.

The tool we built let users give us feedback in two basic ways:

 

– By looking at our two draft disclosures and picking the one that they thought worked best.

– By clicking on specific parts of the forms and providing comments on what was or wasn’t helpful.

– More than 14,000 people submitted a choice between the two forms, and we got more than 13,000 individual comments connected to specific elements of the form. While these comments are not a statistically representative sample of all consumers, they are an invaluable source of information.

 

We have compiled these comments, and our Mortgage Disclosure team is reviewing them for insights as they create the next draft of this important form.

We were also able to compile the 13,000+ clicks into something called a heatmap. (continued…)