How New Mortgage Disclosure Rules May Affect Buyers
Associated Press, Oct. 15, 2015–Veiga, Alex
New “Know Before You Owe” rules, which took effect Oct. 3, require lenders to provide borrowers with clearly laid out details on their loan and what it will cost them in an initial estimate and, closer to closing, a final summary. David Stevens, president and CEO of the Mortgage Bankers Association, said the intent of the new rules is to have the borrower prepared and informed at the closing table.
