By Daniel Goldstein | realtor.com
New federal loan disclosure rules that were designed to help borrowers understand what they were signing at their home’s closing have had a bumpy rollout because of fighting in Congress and incompatible mortgage software, the Consumer Financial Protection Bureau’s director Richard Cordray acknowledged to mortgage lenders.
“It has become apparent that the implementation process was not as smooth as we would have hoped,” he said about the rollout of the “Know Before You Owe” rule to an audience at the Mortgage Bankers Association’s annual convention in San Diego on Monday. The rule gives consumers three days to pore over the loan documents, perhaps with an attorney or other trusted adviser, before closing on the loan.
