Consumer Advice, Realtor Advice

What the Loan Disclosure and Closing Disclosure Means for Consumers

d0c7b-closed_mortgage_filesYesterday we talked about the elimination of the HUD-1 and GFE this August as directed by the CFPB.  Click on Getting Ready for New Closing Documents and Disclosures to check it out.

Today, I wanted to show you the CFPB’s attempt to explain why this is good for consumers.  As you can see, our regulators still believe that consumers are too often deceived about mortgage loan terms.  I personally do not believe that is true and from my own experience, I can tell you that there is too much disclosure these days.  Nevertheless, here we are . . . let me know what you think about all this in the comments below.

New Closing Disclosures – What it means for consumers