The Office of Thrift Supervision issued recommendations Wednesday for consumers about the Real Estate Settlement Procedures Act mortgage disclosure process.

The advisory offers consumers tips on the importance of good credit, changes to the mortgage process and ways to find the best mortgage loan. The data also describes the Good Faith Estimate that lists standardized settlement costs.

The two-page brochure describes how a credit score impacts a mortgage rate, the new mortgage loan disclosures, the mortgage loan application process, the GFE and the HUD-1 settlement form.

It also breaks down the three-page GFE's provisions including the interest rate, settlement charges, escrow treatment, the shopping table and any charge changes.

The act's new rules took effect Jan. 1.

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