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Home loans can be complex, confusing, and hard to understand. A government agency known as CFPB, or Consumer Financial Protection Bureau, exists to protect consumers and help potential homeowners as they navigate the path to buying a home.

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FHA Loan Articles

News and Updates for Homeowners

Changes to Mortgage Loan Procedures

November 16, 2015 - Home loans can be complex, confusing, and hard to understand--if you are a newcomer to the mortgage loan process you might feel overwhelmed at first--there is a lot of new jargon, important issues to keep in mind, and “best practices” to be aware of. Fortunately a government agency known as CFPB exists to protect consumers and help potential homeowners as they navigate the path to buying a home.

The Consumer Financial Protection Bureau (CFPB) is that government agency. In October 2015, CFPB  released information about new federal guidelines that will affect the mortgage lending process, making it easier for borrowers to understand the transaction.

Effective October 3, 2015, those who apply for “most mortgages” on or after that date will find additional help thanks to some new requirements on mortgage lenders.

The CFPB official site states,  “the stress of shopping for a mortgage will be reduced, as our new mortgage disclosure rule takes effect. The new rule and disclosures ease the process of taking out a mortgage, helping you save money, and ensuring you know before you owe”.

What are these changes? ConsumerFinance.gov reports:
  • Four overlapping disclosure forms will be streamlined into two forms, the Loan Estimate and the Closing Disclosure.
  • More time to examine closing documents. (At the time of this writing) lenders must give you your HUD-1 Settlement Statement disclosure 24 hours in advance, if you request it; after October 3, 2015 borrowers receive their Closing Disclosure three business days prior to signing the forms and accept the terms of the mortgage, no request needed.
The official site also explains how these changes affect the mortgage lending process:
  • The new forms will make it easier to understand complicated mortgage terms.
  • The Loan Estimate makes it easier to shop around and compare loan offers from multiple lenders. Consider applying for loans from at least three lenders before choosing a mortgage so you can find the best deal for you.
The three days required between getting your Closing Disclosure and signing on the dotted line allow you to make sure there aren’t major changes from the deal you were offered on your Loan Estimate. It also gives you time to ask your lender all the questions you might have about the terms of your mortgage and consult with a lawyer or housing counselor.

Are you applying for an FHA mortgage? It’s strongly recommended to contact the FHA/HUD for a referral to a housing counselor as mentioned above. Contact the FHA directly at 1-800-CALL-FHA to request a referral to a local, HUD-approved housing counseling agency.