General mortgage information would be on the first page and morespecific details about the mortgage costs would appear on thesecond, according to prototypes of mortgage disclosure forms thatthe new Consumer Financial Protection Bureau unveiledWednesday.

The first page has information in the loan amount, taxes, downpayments and tools to compare the loan to others. The second pagecontains a detailed loan estimate with an estimate of what theconsumer would pay at closing.

“It's always good for consumers to understand the true costs,''said Elizabeth Warren, who is setting up the new bureau, during aconference call with reporters. “Consumers will be able to answerthe questions 'Can I afford this mortgage? Can I get a better dealsomewhere else?'''

The bureau has set up two sample forms, which contain the sameinformation though with different layouts, and will test themduring interviews with lenders, brokers and consumers in six citiesbefore coming up with a final form that it plans to send out forcomment in July 2012.

Interviews will be conducted in six cities: Albuquerque,Baltimore, Birmingham, Chicago, Los Angeles and Springfield,Mass.

The form will combine the disclosures required in the twoprevious forms that were required under the Truth in Lending Actand the Real Estate Settlement Procedures Act.

The financial overhaul bill passed last year, which created thebureau, also mandated that the new bureau consolidate the forms.CUNA and NAFCU were among the groups that had urged theconsolidation. Both groups were briefed on the new forms Tuesday.

The bureau is an independent agency that will be housed in theFederal Reserve and is scheduled to begin operation in July.

Click here and here to see the two sample forms.