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CFPB Says New Mortgage Forms Address Clarity

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"The kind of problems we're trying to address deal with clarity of the market — know before you owe — right from the very application stage," said Richard Cordray, Consumer Financial Protection Bureau director, in a recent interview with the New York Times about the two new mortgage forms the agency proposed in July.

The NYT’s cited a poll conducted in June that found "about a quarter of mortgage shoppers considered a full, accurate disclosure of all fees most important when shopping for a mortgage online."

The comment period on the documents is open until Nov. 6. "Some mortgage professionals said privately that they wondered whether the changes were necessary, especially given the fact that the HUD-1 closing document, which details costs and loan terms, was revised only two and a half years ago," said the NYTs coverage.

For the full piece see "Simplifying Loan Documents" (may require subscription).

 

 

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