In the wake of the economic collapse in 2010, the Dodd-Frank reform law was passed by U.S. legislators to tighten lending standards and make mortgage details more transparent to borrowers. Before the collapse, some lenders extended offers that were not truly feasible, and verbiage in the closing documents was often confusing to borrowers, causing them to gloss over important details.
By August 2015, however, the documents should be shorter, simpler and easier to understand. At least that is the hope of the Consumer Financial Protection Bureau, which is implementing the new, streamlined disclosure forms to erase some of that existing confusion.
Do you know and understand all of the mortgage term details agreed upon in your loan? If any information in the federal, state or lender disclosures is unclear or ambiguous to you, be sure to ask your loan originator or processor to clarify. Our goal is always to make the process as simple and pain-free as possible for you, the borrower, while complying with federal guidelines. Any way we can help you better understand your mortgage is our responsibility to you.
For more information on the new disclosure forms, read here. http://www.latimes.com/business/la-fi-new-mortgage-forms-20131120,0,5291252.story#axzz2lDx1ayf9
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