You Can Help Shape the Future of Mortgages
Buying a home can be confusing and stressful, especially with complicated mortgage agreements to fill out. What if you could have a say in simplifying the process of buying a home?
Now, thanks to the Consumer Financial Protection Bureau, you can help revolutionize the process of taking out a mortgage. According to their website, they were required by the Dodd-Frank Act to combine the Truth in Lending and Real Estate Settlement Procedures Act, so they launched the “Know Before You Owe” project.
As part of the project, the CFPB has drafted new mortgage disclosure agreements and is looking for feedback from the people who will be using them the most: consumers, lenders, brokers and settlement agents. That means you!
The CFPB has posted the newly drafted forms on their website alongside the original ones for comparison and encourages consumers to review them and comment on their clarity and transparency when it comes to the true costs and risks associated with taking out a mortgage. The CFPB has also compiled a timeline of the events and milestones leading up to the redevelopment process.
So, go ahead and review the newly proposed agreements. You can comment here, and have a hand in shaping your financial future.