Technology is transforming everything. Soon, consumers will find themselves being offered platforms that allow borrowers to access mortgage closing documents online.
Changes Will Provide More Clarity, Preserve Protections for Consumers
CFPB Releases Report Outlining Strategies for Promoting Diversity and Inclusion in the Mortgage Industry
Report Discusses Current Approaches and Business Case for Diversity and Inclusion
Consumer Financial Protection Bureau Proposes Updates To “Know Before You Owe” Mortgage Disclosure Rule
The Consumer Financial Protection Bureau (CFPB) today proposed updates to its Know Before You Owe mortgage disclosure rule. The proposed amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty.
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.
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.
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.
Tools Provide Additional Shopping Help for Consumers as New Mortgage Disclosure Rule Takes Effect WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) is releasing new online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process. The tools provide an interactive, step-by-step overview of the […]
The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the CFPB to combine certain federal mortgage disclosures that consumers receive when taking out a mortgage. In November 2013, after extensive testing of the new forms, the CFPB finalized the combined, easier-to-understand new Know Before You Owe mortgage disclosures, the Loan Estimate and Closing Disclosure. […]