Tuesday, July 10, 2012

CFPB proposes changes to the disclosures to protect consumer. Read and comment! ;)

For most Americans, buying a home means taking out a mortgage loan. The Dodd-Frank Act requires us to combine the Truth in Lending and Real Estate Settlement Procedures Act disclosures. You receive these disclosures after you apply for a mortgage and shortly before you close on the mortgage. We decided to involve the people who will actually use the new forms – consumers, lenders, mortgage brokers, settlement agents – in combining and improving them. These are the results so far.


http://www.consumerfinance.gov/knowbeforeyouowe/#rule

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