CFPB Report on Consumer Frustration With Mortgage Paperwork
Many home buyers are frustrated by the short window they are given to review a massive pile of complex documents when finalizing a mortgage, according to a new report from the Consumer Financial Protection Bureau. A rule requiring two new, simpler mortgage disclosure forms that clearly spell out the terms of a home loan will help address the issue. The first is a Loan Estimate that provides a summary of the key terms and estimated loan and closing costs, and the second is a clearer Closing Disclosure that offers a detailed accounting of the transaction. The CFPB is preparing for the implementation of the rule in August 2015. Additionally, the bureau has released guidelines for its upcoming eClosing pilot project, which will assess how electronic closings can help consumers navigate the mortgage settlement process.
From "CFPB Report on Consumer Frustration With Mortgage Paperwork"
National Mortgage Professional Magazine (04/23/14)
Many home buyers are frustrated by the short window they are given to review a massive pile of complex documents when finalizing a mortgage, according to a new report from the Consumer Financial Protection Bureau. A rule requiring two new, simpler mortgage disclosure forms that clearly spell out the terms of a home loan will help address the issue. The first is a Loan Estimate that provides a summary of the key terms and estimated loan and closing costs, and the second is a clearer Closing Disclosure that offers a detailed accounting of the transaction. The CFPB is preparing for the implementation of the rule in August 2015. Additionally, the bureau has released guidelines for its upcoming eClosing pilot project, which will assess how electronic closings can help consumers navigate the mortgage settlement process.
From "CFPB Report on Consumer Frustration With Mortgage Paperwork"
National Mortgage Professional Magazine (04/23/14)
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