Agency seeks comments on 1,104-page ‘simpler’ form

The Consumer Financial Protection Bureau has proposed a redesigned mortgage form that sets out to help homebuyers better understand the cost and risks of getting a mortgage.

CFPB is seeking public comment on the forms until November 6.

But get this . . . The review document is a 1,104-page PDF. Does the agency really expect consumers to download it, review it and then make comments?

“When making what is likely the biggest purchase of their life, consumers should be looking at paperwork that clearly lays out the terms of the deal,” says Richard Cordray, CFPB’s director. “Our proposed redesign of the federal mortgage forms provides much-needed transparency in the mortgage market and gives consumers greater power over the exciting and daunting process of buying a home.”

How about the daunting process of submitting comments?