fha mortgage loans, local mortgage broker, midwest family lending

(515) 252-7107

APPLY NOW!

Mortgage Industry News

« Return to Mortgage Industry News

CFPB Rolls out Disclosure Toolkit, Dampens Delay Speculation

Thursday, April 2, 2015

Even as some in the industry apparently hope for a reprieve from implementing new mortgage disclosure forms the Consumer Financial Protection Bureau (CFPB) has rolled out a consumer toolkit to aid the transition to them.  The toolkit, part of CFPB's "Know Before You Owe" mortgage initiative, is designed to help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms which go into effect on August 1.  

CFPB says the toolkit is intended to replace the Housing and Urban Development created Shopping for Your Home Loan: Settlement Cost Booklet which lenders must currently provide to mortgage applicants.  Creditors will be required to provide the toolkit to mortgage applicants no later than three days after mortgage applications.  Other industry participants, including real estate professionals, are encouraged to provide it to potential homebuyers.

Read Full Article

Testimonial

Sara was very helpful and knowledgeable. Our interest rate was competitive and she provided excellent service and developed a relationship with myself and my husband."
Jane W.