No More Mumbo-Jumbo or Surprises; Homebuying Will Become Easier Next Week…
Cleveland Plain Dealer, Sept. 23, 2015–Murray, Teresa Dixon
After years of fanfare, lenders next week must offer new forms to potential borrowers to help them better understand their loan options, understand what size of loan they can afford and shop different loan offers. Bill Cosgrove, CMB, chairman of the Mortgage Bankers Association and CEO of Union Home Mortgage Corp. in Strongsville, Ohio, said the new process will peel off the “mumbo-jumbo” language that for years has intimidated consumers, no matter their level of education.
