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.
Giving you three business days to review your Closing Disclosure before you sign on the dotted line is designed to protect you from surprises at the closing table. It also gives you time to consult with your lawyer or housing counselor and ask all the questions you might have about the terms of your mortgage.
Last year, we released a web-based tool that provides the public with easier access to mortgage data for 2007 through 2012. Today, we’re updating the database with 2013 data.
We asked you to tell us about pain points in the mortgage closing process and through this research and interviews, we’ve heard about four major pain points. We’ve got some ideas for how technology can improve the process and we’ll test them to put you in the driver’s seat of your mortgage closing. Read more about the current pain points and our e-closing pilot solution.
We’re holding a forum to discuss the mortgage closing process at 2:30 p.m. EDT. The event will feature remarks by Director Richard Cordray and Housing and Urban Development Secretary Shaun Donovan. The forum will also include a panel discussion with CFPB staff, consumer groups, and industry representatives. We’re livestreaming the event so you can follow along. Watch the livestream of the forum.
As the mortgage disclosure team said last week, we based Know Before You Owe on the idea that disclosure information is clearer when the people who will have to use those disclosures participate in designing them. We got feedback from many sources in many ways: In-person testing of the forms in cities across the country […]
Two and a half years ago, we began a line of work we call Know Before You Owe. The work that we did as part of that project helped lead us to the TILA-RESPA final rule we issued Wednesday. Among other things, that rule requires new mortgage disclosures: a Loan Estimate the consumer gets when […]
When we first proposed the TILA-RESPA disclosure rule, we got a lot of questions about the length of the document containing the rule. We synthesized those questions into one representative question and wrote a post to give you some answers. Now that we’re finalizing the rule, we wanted to do it again to talk about […]
Today, we’re issuing the TILA-RESPA final rule. This rule improves the way consumers receive information about mortgage loans, both when they apply and when they’re getting ready to close. Alongside the rule, we’re publishing information to help industry understand what the requirements are, such as how to fill out the disclosure forms. Helping with that […]
One part of our proposed rule to improve the disclosures consumers receive when applying for and closing on a mortgage was a change to the current definition of “finance charge.” The finance charge is intended to reflect the cost of credit for consumers as a dollar amount. It’s used to calculate the Annual Percentage Rate […]