The Consumer Financial Protection Bureau (CFPB) recently introduced a proposal on simplified mortgage disclosures. CFPB director Richard Cordray said consumers should really do their homework when consider a home loan. The agency is now seeking further review of the proposal as well as consumer testing before the disclosures could be required. As a result, the new "Loan Estimate" and "Closing Disclosure" forms may not actually be implemented until 2014. The proposed changes would show consumers their interest rates, monthly payments, loan amounts, and closing costs on the first page. Additionally, consumers would see how rates or payments could potentially change. "If consumers have a clearer understand of what the risks are in these products and what the actual pricing is, it's more likely they will end up with a sensible deal that they can maintain over the long term," said Cordray. The agency, seeking public comment on both disclosure forms, is holding a series of town hall events around the country.