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. Consumers applying for most mortgages on or after Oct. 3, 2015, will receive the new forms. The forms will better help them understand their options, choose the deal that’s best for them, and avoid costly surprises at the closing table.
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An infographic about how the “New disclosures make the mortgage process easier for you” can be found at: http://files.consumerfinance.gov/f/201509_cfpb_kbyo_overview-infographic.png
An infographic about how “Owning a Home can help you with every step of your home buying process” can be found at: http://files.consumerfinance.gov/f/201509_cfpb_kbyo_know-the-process-infographic.png
An infographic about how “Shopping for a mortgage can really pay off” can be found at: http://files.consumerfinance.gov/f/201509_cfpb_kbyo_shop-around-infographic.png
An infographic about “3 things to do in the 3 days before you sign your mortgage” can be found at: http://files.consumerfinance.gov/f/201509_cfpb_kbyo_3-days-closing-infographic.png
The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.