Compared with the old mortgage disclosure forms, do you think these new forms will be easier for borrowers to understand?
No (70%, 23 Votes)
Yes (30%, 10 Votes)
Total Voters: 33
The Consumer Financial Protection BureauAn independent federal agency created by the Dodd-Frank Act responsible for regulating consumer protection with regards to financial services and products. (CFPB) has unveiled its new Loan Estimate and Closing Disclosure forms for home loans.
These new forms were created to be uniform, clutter-free and user-friendly replacements for the current Good Faith Estimate (GFE), Truth in Lending Disclosure and HUD-1 forms provided to borrowers during the loan origination process.
These new forms are now available for review on the CFPB website. The CFPB is still soliciting comments for finalizing the forms and their use.
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