NEW Mortage Forms Notaries will Like

NEW "Know Before You Owe" Mortgage Forms

New Forms Designed to Improved Consumer Understanding, Aid Comparison Shopping, and Prevent Surprises

The Consumer Financial Protection Bureau (CFPB) issued a rule requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for home buyers.  The "NEW" mortgage forms will replace the existing federal disclosures and help consumers understand their options, choose the deal that's best for them, and avoid costly surprises at the closing table.

Examples of The Loan Estimate Form

Examples of The Closing Disclosure

This is good news for notaries performing loan closings.  The current forms help prevent "bait and switch" tactics, thus making each closing run more smoothly.

For More Info on the Consumer Protection Act and New Forms

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