Credit unions have the opportunity to comment on the Consumer Financial Protection Bureau's fourth draft version of its mortgage disclosure forms.

Rather than presenting forms with different formats as it did in the earlier rounds, the CFPB is presenting two identical forms with different information.

The new agency said it wants to be sure that the form – one of its first projects – enables consumers to understand all the pricing information.

“We're shifting gears for a simple reason: Comparing two versions of a form is useful, but in the real world, consumers should be able to use disclosures to compare different loan offers, not different forms,” the CFPB said in a statement.

“We want to make sure the disclosure actually helps consumers understand features of competing loan products, from the overall loan amount to estimates of taxes and insurance costs,” the CFPB said. 

The forms combine disclosure requirements that were previously contained on separate forms to comply with the requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act.

The changes to the draft form – available online – are part of the bureau's Know before You Owe program.