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Confused By Loan Disclosures? You Are Not Alone
The FTC discovered that confusion over details of a loan or refinance is abounding for borrowers across the nation. The agency conducted a study of 800 recent mortgage customers and found the loan disclosure was confusing and ineffective in explaining the costs, terms, and risk of a mortgage or refinance. This was especially true for complicated loan products like the adjustable rate mortgages.
FTC Chair Deborah Platt Majoras said, "Mortgage disclosures designed more than 30 years ago can be confusing even for simple loans, and they do not address the variety and complexity of today's mortgage products." Two other federal agencies, The Federal Reserve and the US Department of Housing and Urban Development, have reviewed the FTC report and both agree loan disclosures were too complex.
It is unfortunate that this study was not done prior to the recent subprime mortgage fiasco that allowed many borrowers to get in over their heads. Hopefully, solutions to simplify the loan disclosure process are under consideration. Borrowers need loan disclosure documents written in language that is easily understood.
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