Combined mortgage disclosures, a new definition of APR, and an expansion of mortgage loans that qualify for Home Ownership and Equity Protection Act coverage were among major changes the Consumer Financial Protection Bureau proposed July 9 when it released two proposed rules.

The integrated disclosures would amend Regulations X and Z to establish new requirements and forms for most residential first mortgages. The CFPB released two new proposed disclosures: a loan estimate, which would provide information regarding key features, costs and risks associated with the mortgage within three business days of applying; and a closing disclosure, provided three business days before the close of the loan, which would further explain all costs associated with the loan.

Although the new disclosures are more consumer friendly, CUNA Mutual Compliance Manager Lauren Calhoun said they will be painful for credit unions in the short run, because the lenders will be forced to scrap their old forms and transition to the new ones.