*** CFPB; know before you owe ***
Mortgages are complex transactions that may include risky features. Consumers currently receive different, but overlapping, federal disclosure forms with the terms and costs of mortgage loans. Because these forms are confusing for consumers, Congress directed us to create new forms. We want you to use the new forms to inform yourself as you consider different loans.
What the new simplified mortgage disclosures mean for consumers
Final rule on simplified and improved mortgage disclosures
CURRENT: Final TIL disclosure + HUD-1 Settlement Statement
NEW: Loan Estimate
CURRENT: Final TIL + HUD-1
NEW: Closing Disclosure