In order to make overdraft disclosure more straightforward, we’ve created four possible designs for a new disclosure form.
Today, the process of getting a mortgage is easier to understand because the Know Before You Owe mortgage disclosure rule is now in effect. We’ve put together some frequently asked questions about the new rule and how it will make the mortgage process easier for you.
To help you navigate the steps you have to take to get a mortgage, take a look at our new booklet, “Your Home Loan Toolkit: A Step-By-Step Guide.” This consumer-friendly booklet can help you as you think about, apply for, and close on a mortgage.
The new form is part of our Know Before You Owe mortgage disclosure rule that’s making the mortgage process work better for you. The Loan Estimate uses clear language and design to help you understand the key features, costs, and risks of a loan offer you’ve received from a lender.
The Closing Disclosure is a five-page form that helps you understand the key features, costs, and risks of your mortgage loan. These changes make it easier to understand the terms of your mortgage before signing on the dotted line.
At the CFPB, we are working to make the process of getting a mortgage simpler and easier to understand. Part of that work is a new rule that improves disclosure forms; another part is giving you comprehensive and trustworthy resources to guide you through the mortgage process.
You have the right to compare offers and understand the terms before you sign on the dotted line. After four years of work, these new forms and tools will help you shop for the best deal and avoid costly surprises when you sign on the dotted line.
Today, we held a forum on our Know Before You Owe eClosing pilot findings here at the CFPB. The forum featured remarks from Director Richard Cordray, as well as a panel discussion.
Today, we’re issuing a final rule delaying the effective date for the Know Before You Owe mortgage disclosure rule to October 3, 2015. The Know Before You Owe rule will improve the way you’ll receive information about mortgage loans, both when applying for a loan and when you’re getting ready to close.
The forum will take place on Wednesday, August 5 at 1 p.m. EDT, and will feature remarks from Director Richard Cordray, as well as a panel discussion with consumer groups, industry representatives, and members of the public.