It's Coming - Are You Ready?
The Consumer Financial Protection Bureau (CFPB) has changed mortgage disclosures used at real estate settlements. The new forms go into effect on August 1st.
According to the CFPB "Mortgages are complex transactions that may include risky features. Consumers currently receive different, but overlapping, federal disclosure forms with the terms and costs of mortgage loans. Because these forms are confusing for consumers, Congress directed us to create new forms. We want you to use the new forms to inform yourself as you consider different loans."
This regulation requires that the forms be delivered 3 days prior to settlement and if changes are made after the disclosures are given it triggers another 3 day waiting period.
Here's what Frank and Brian of the National Real Estate Post have to say about this.
What do you think? Will these forms be a help or a hindrance?
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Alan Gross
Senior Mortgage Consultant
Direct: 240.813.0614
Email: agross@primelending.com
Web: www.mtg-info.net
Primelending, A PlainsCapital Company
704 Quince Orchard Rd, Suite 230, Gaithersburg, MD 20878
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