“The new mortgage disclosure forms coming in August will help consumers comparison shop for mortgages and avoid surprises at the closing table. We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new rules,” said CFPB Director Richard Cordray.
The toolkit, which can be found here, provides a step-by-step guide to help consumers understand the nature and costs of real estate settlement services, define what affordable means to them and find their best mortgage.
It also features interactive worksheets and checklists, conversation starters for discussions between consumers and lenders, and research tips to help consumers seek out and find important information.
Tune in to The Real Estate Hour, Sunday mornings from 9-10AM 1350AM, 103.5FM and streaming live at www.KSRO.com for more information on this new “Know Before You Owe” mortgage rule in the months leading up to it’s implementation in August 2015.