WASHINGTON — Over the next six months, the Consumer Financial Protection Bureau, a newly formed regulator vilified by the right, intends to overhaul the home mortgage market as a first step toward improving its fairness and clarity.
The goal is to remake the process of getting a mortgage, making it easier for borrowers to understand the kind of loan they are getting and its cost.
Such an achievement by the bureau — a lightning rod for criticism of the Dodd-Frank regulatory law passed by Congress in 2010 — would help to establish its legitimacy and quiet its critics as it approaches its first birthday this month.
Richard Cordray, a former Ohio attorney general who directs the bureau, said he wanted to show it could help consumers without drowning banks in red tape.
‘‘We have an overarching goal here,’’ Cordray said, ‘‘which is to restore trust in the consumer financial marketplace. I don’t think we are just a regulatory body or just an enforcement body.’’
The mortgage market is at the top of the agenda because ‘‘it’s the market where consumers have the most at risk and they have the most at stake,’’ Cordray said.
The bureau plans to propose rules that would address the biggest stumbling blocks buyers face. When shopping for a loan, consumers will get a more complete and understandable ‘‘good faith estimate’’ of costs.
Before closing a sale, consumers would receive a single, revamped disclosure form of the terms: the interest rate, how it could change, and how much cash is needed at closing.
And mortgage servicers, the companies that collect the payments, would be required to provide clearer information, better service, and options for a borrower facing foreclosure.
Heading toward July 21, its anniversary, the consumer bureau has other goals, like defining which nonbank financial companies will fall under the ‘‘larger participant’’ designation that will make them subject to the bureau’s oversight.
And it is scheduled to complete a study of the private student loan market. Last month, Congress approved a one-year extension of subsidized student loan interest rates, which means the issue will probably be the subject of political jockeying next summer.
The bureau also recently released an early version of a database of consumer complaints against credit card companies that will be expanded to include other financial service providers.
‘’It was an important step, although an imperfect one,’’ said Bartlett Naylor, an analyst for the consumer group Public Citizen, who said he hoped that the database would make it easier for consumers to learn from others’ experiences.
Cordray said the bureau’s activities would soon reflect another part of its mandate, too: enforcement of consumer protection laws.
‘’There will be enforcement action this year, and we have quite a bit of activity going on,’’ he said, though he declined to offer specifics.
Jess Sharp, executive director of the Chamber of Commerce’s Center for Capital Markets Competitiveness, said the bureau needed to be clearer about how it would enforce its rules — beginning with, for example, defining ‘‘abusive,’’ a new term in consumer law.
The agency will probably face resistance from Republicans who want to change the bureau to a five-person commission, subjecting it to greater congressional control.
‘’After six months, the only definitive conclusion one can reach about the CFPB is it’s a rapidly expanding bureaucracy that is increasing costs on small businesses and remains completely unaccountable,’’ said Alabama Senator Richard Shelby.