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.
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.