By Lisa Prevost | The New York Times
Home loan offers should be easier to decipher come Oct. 3, when mortgage lenders must begin using new consumer disclosure forms that explicitly break down the costs and terms associated with a loan.
Instead of receiving four different disclosures in various formats, as currently required under the Truth in Lending and Real Estate Settlement Procedures Acts, borrowers will receive just two. Intended to make the loan process more transparent, the new forms, created by the Consumer Financial Protection Bureau, look similar and are much easier to understand.
