Quincy Harrington - It just got a little easier to navigate the complicated mortgage process.
New disclosure rules went into effect in the mortgage world Saturday that require lenders to provide home buyers two new forms that clearly detail their loan terms.
New disclosure rules went into effect in the mortgage world Saturday that require lenders to provide home buyers two new forms that clearly detail their loan terms.
"For consumers, it's going to be viewed as an improvement in what can be a somewhat scary and intimidating process in the biggest investment of their life," said David Stevens, CEO of the Mortgage Bankers Association.
The rule, formally known as the TILA-RESPA Integrated Disclosure rule, reduces what used to be four forms from two different government agencies to two forms: the Loan Estimate and Closing Disclosure.
Here's what buyers can expect:
The rule, formally known as the TILA-RESPA Integrated Disclosure rule, reduces what used to be four forms from two different government agencies to two forms: the Loan Estimate and Closing Disclosure.
Here's what buyers can expect:
Lenders have to provide potential home buyers a Loan Estimate form within three days of a submitted application.
The three-page form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing.
Source : money.cnn.com
The three-page form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing.
Source : money.cnn.com
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