Last week, the CFPB announced its approval of an application piloting disclosures for construction loans. In this initiative, the CFPB establishes guidelines for testing alternative disclosures in real-market scenarios, recognizing the enhanced accuracy of such tests compared to lab-based evaluations. The CFPB stated that testing in-market would allow them to gauge the potential necessity more accurately for regulatory adjustments. In short, lenders can now apply to test modified origination disclosures for construction loans to improve […]
