Consumers can use this form to do apples-to-apples comparison shopping between loans. The Loan Estimate details the transaction, including the estimated loan and closing costs. The forms will better help them understand their options, choose the deal that’s best for them, and avoid costly surprises at the closing table. 3, 2015 will receive the new disclosures. Consumers applying for most mortgages on or after Oct. In November 2013, after extensive testing, the CFPB finalized the combined, easier-to-understand Know Before You Owe mortgage forms – the Loan Estimate and Closing Disclosure. The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Bureau to combine certain federal mortgage disclosures that consumers receive when taking out a mortgage. “It is time consumers have more power in the mortgage process, and our new forms and online tools will help make that a reality.” Know Before You Owe Mortgage Forms “Our new mortgage forms reduce the information gap between lenders and consumers, shedding light on a process that often feels like a mystery,” said CFPB Director Richard Cordray. 3, 2015, making it easier for consumers to understand mortgage options and comparison shop between multiple loan offers. Creditors will have to begin providing the new forms on Oct. The tools provide an interactive, step-by-step overview of the mortgage process, help homebuyers decide how much they can afford to spend, and help consumers explore and use the new Know Before You Owe mortgage forms. Today the Consumer Financial Protection Bureau (CFPB) is releasing new online tools as part of its Know Before You Owe initiative aimed at helping consumers navigate the mortgage process. ![]() Tools Provide Additional Shopping Help for Consumers as New Mortgage Disclosure Rule Takes Effect
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