The new mortgage disclosure rule will go into effect on October 3rd. This rule is part of the Consumer Financial Protection Bureau’s Know Before You Owe mortgage initiative that will help consumers with the often stressful task of searching for the right mortgage loan. As part of the housing counseling community, you play an important role in helping consumers throughout the home buying process.
The Know Before You Owe mortgage disclosure rule makes it easier to understand these disclosures by:
- Streamlining four disclosure forms into two – the Loan Estimate and the Closing Disclosure
- Standardizing the information to obtain Loan Estimates
- Giving potential borrowers time to review and understand their mortgage terms before signing on the dotted line
Make sure to take the time to review the site and share these resources.