The Consumer Financial Protection Bureau proposed a redesigned mortgage form Monday that sets out to help home buyers better understand the cost and risks of getting a mortgage. CFPB is seeking public comment on the forms until Nov. 6.
"When making what is likely the biggest purchase of their life, consumers should be looking at paperwork that clearly lays out the terms of the deal," says Richard Cordray, CFPB’s director. "Our proposed redesign of the federal mortgage forms provides much-needed transparency in the mortgage market and gives consumers greater power over the exciting and daunting process of buying a home."
Lenders would be banned from charging borrowers more for closing than the amount listed in the “loan estimate” form, according to the CFPB rules.
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