The Consumer Financial Protection Bureau released a much-anticipated final rule on Wednesday that merged mortgage disclosure forms in an effort to help consumers more clearly understand the total costs of a loan.

The agency is calling the two new mortgage forms "Know Before You Owe," an apt description since a hodgepodge of federal mortgage disclosures that the new forms will replace have long been considered duplicative and confusing.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.