New mortgage disclosure forms coming [VIDEO]
Changes are coming that will make the mortgage process a bit easier next year.
Two mortgage disclosure forms that will launch late next summer will notify homebuyers of changes to their deals.
The Loan Estimate disclosure will show the details of the deal, while the Closing Disclosures will explain whether the borrower is getting the same deal at closing. Until the new ones are released in August 2015, the same three forms currently in use will remain.
The new streamlined documents will be easier to understand, with only the information consumers need. In order to determine the make-up of the new forms, extensive consumer testing was conducted.
Lenders and borrowers alike should get ready for the coming changes set to make navigating mortgages easier.
By: Equity National January 12, 2015 Uncategorized