In response to feedback from real estate trade groups, Consumer Fraud Protection Bureau (CFPB) director Richard Cordray announced yesterday that the agency would revise its “Know Before You Owe” rule to simplify and clarify it. The rule is currently more than 1,600 pages long.

“MBA is very pleased with CFPB’s letter and believes the approach laid out should provide a swift path to issuing a final rule that will give lenders, the secondary market and consumers the clarity and consistency of disclosures the market needs,” Mortgage Bankers Association Vice President Pete Mills said in a statement. “In the meantime we appreciate that the bureau’s ‘diagnostic period’ for the Know Before You Owe rule will continue to accommodate good faith compliance efforts.”

Cordray did not give a timeframe for the revisions, but did say meetings to discuss potential changes would be scheduled for May or early June.