The Consumer Financial Protection Bureau has issued an extension for new mortgage disclosures. The disclosures were initially expected to take effect on January 21, 2013, but the CFPB now says it will wait to implement new disclosure forms until other mortgage rule makings have been completed.

Mortgage industry participants view the extension favorably, saying it means that consumers and lenders will not have to adjust twice to the use of the new forms.

“This rule has demonstrated what a regulator should do,” said Ballard Spahr partner Richard J. Andreano, Jr., Practice Leader for the firm’s Mortgage Banking Group. “It is a positive sign they took this approach and are following through. This is one aspect where the Bureau got it right.”