This was a blog I posted earlier and thought since the deadline is approaching, I would remind everyone that it is important to our industry to express our opinions.
The Consumer Finance Protection Bureau wants to change the mortgage disclosure forms AGAIN! This time however, they are asking for input from consumers and industry professionals before making the final decision. As a mortgage loan originator, the most frequently asked question by applicants has to do with the confusion over the way these forms have been laid out. The number of questions skyrocketed when GFE 2010 (Good Faith Estimate) was launched last year.
For most, the mortgage process is new and unfamiliar. Whether this is your first purchase, or not, these aren't terms and forms that are in front of you on a regular basis and keeping it in an easy to read format will serve the customer. I like the old KISS principle, Keep, It, Super, Simple!
Here is the link to the website for you vote for the format you like best, www.consumerfinance.gov/knowbeforeyouowe
As a consumer, you can vote for the form you feel best describes the loan program for you.
Here is selection A:
Here is selection B:
I would ask that you please share with me your selection and why you made that choice. Please share this with everyone in your data base afterall every voice counts, please make your heard.
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.