by Erika Rollins
26. January 2012 15:26
The CFPB released its third round of the new closing disclosure prototypes and are asking people to look specifically at how the prototypes work with the current application disclosure prototype. They are testing the prototypes today in Philadelphia. Access the prototypes and leave your feedback on the CFPB webpage.
As you look at these prototypes, think about these questions:
- Can you easily find key loan terms?
- Are you able to identify changes to the loan terms or costs?
- Do you know who to contact to discuss your loan or changes to your loan?
- Do you have the information you would need to feel comfortable closing on the loan?
- Are the disclosures easy for lenders and settlement agents to use and explain to consumers?