New RESPA rules to simplify the mortgage process

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The Consumer Finance Protection Bureau has proposed revisions to the financial disclosure forms that are included in loan packages in order to simplify the process. The redesigned Good Faith Estimate and Closing Disclosure forms attempt to make it easier for the borrowers to understand there loan terms. The two forms required currently in all loan packages are the Truth and Lending Disclosure Statement (TIL) and the Real Estate Settlement Procedures Act (RESPA), currently contain simmular information but often times are confusing for the borrowers. By using plain language and reducing redundancy, these forms should make the loan process and signing much easier to understand. The CFPB is seeking public comments regarding these proposed revisions until November 6, 2012.


Lisa Scanlon, CSA




Comments (2)

Laura Murray
Weichert - Silver Spring, MD
Search Montgomery Co., MD for homes

Anything that could be done to simplify and streamline the loan process would be a welcome change.  I am wondering when/if new guidelines for refinancing properties are in the works?

Jul 22, 2012 02:00 AM
Frank Laisch
Orlando, FL
"The Insurance Guy"

Lisa, that would be great news to hear, many of our clients, especially the 1st time home buyers always seem a little confused

Jul 22, 2012 06:43 AM