Tuesday
Feb182014
What's New? Know Before You Owe
Tuesday, February 18, 2014 at 9:28AM by Banking Spectrum Consumer Financial Protection Bureau (CFPB) has issued rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The new forms use clear language and design to make it easier for consumers to locate key information, such as interest rate, monthly payments, and costs to close the loan. The forms also provide more information to help consumers decide whether they can afford the loan and to compare the cost of different loan offers, including the cost of the loans over time.
The rule is effective August 1, 2015. See Know Before You Owe in The Gold Book for more information.
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