New Federal Mortgage Loan Disclosure Laws Will Affect YOU!
The Dodd-Frank Wall Street Reform & Consumer Protection Act (Dodd-Frank Act) directed the Consumer Financial Protection Bureau (CFPB) to integrate the mortgage loan disclosures required under the Real Estate Settlement Procedures Act (RESPA) & the Truth in Lending Act (TILA). This new CFPB Rule consolidates four existing mortgage loan disclosures into two new, easy-to-understand forms designed to be more consumer-friendly: The Loan Estimate & The Closing Disclosure.
This ruling also creates new pre-disclosure requirements. These could make closing a deal more complex for Lenders & could potentially impact or delay your Closing Day. Click HERE for more information directly from the CFPB!
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