Need to know: Proposed mortgage disclosures
The Consumer Financial Protection Bureau has released the latest version of its proposed loan disclosure forms designed to be “easier for both consumers and lenders to understand and use.”
The goal is to allow consumers to compare mortgages side by side in an “apples to apples” way, and require lenders to make it clear exactly what the terms of the loan are.
Your clients will be encountering them, so it’s a good idea to check out what they’ll be seeing so you can answer questions and manage their expectations.
Click here for the overview of the new disclosures, including a way to comment on them.
Click here for a sample closing disclosure.
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