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ARTICLE · 07 OCTOBER 2015

CFPB Rolls Out Online Tools To Explain New Mortgage Disclosure Forms

Troutman Pepper Locke LLP
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Effective October 3, instead of providing consumers with Truth in Lending disclosures, Good Faith Estimates, and HUD-1 Settlement Statements, mortgage lenders must provide potential homebuyers with two new forms: a Loan Estimate and Closing Disclosure.

United StatesFinance and Banking
Jennifer Bowen
Jennifer Bowen
John Lynch
John Lynch
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Effective October 3, instead of providing consumers with Truth in Lending disclosures, Good Faith Estimates, and HUD-1 Settlement Statements, mortgage lenders must provide potential homebuyers with two new forms: a Loan Estimate and Closing Disclosure.

To help consumers understand the new "Know Before You Owe" mortgage forms, the Consumer Financial Protection Bureau has released two online tools on its "Owning a Home" website to help consumers better understand their options, compare multiple loan offers, and choose the mortgage option that is best for their situation.

The Loan Estimate Explainer provides a sample of the new Loan Estimate form, which details all of the terms of a particular loan discussed with the consumer, including the type of loan, amount, interest rate, closing costs, and prepayment penalties. The Closing Disclosure Explainer provides a sample Closing Disclosure, which must be provided at least three days before closing, so that consumers can

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