The Consumer Financial Protection Bureau (CFPB) has issued it’s final rule to simplify and improve mortgage disclosure forms. It details what loans are not affected, samples for compliance and delivery definitions to assist you. This rule takes effect August 2015. Here is a summary of the key points.
Effective August 2015
Implemented By: Consumer Financial Protection Burea (CFPB)
What It Is: A Rule to Simplify and Improve Mortgage Disclosure Forms
Who It Affects: Most Consumer Mortgages
(Exceptions: Reverse mortgages, home equity line of credit, mobile home loans, creditors making five or fewer loans per year, commercial purpose loan.)
For the details, click the link below: