Monday, July 9, 2012

Proposed "Plain Language" Mortgage Documents


More recent news that may affect mortgage rates here in Los Angeles and elsewhere: 
The Consumer Financial Protection Bureau released their recommendations today for new simplified disclosure forms for US mortgage lenders. The new proposed guidelines are intended to require lenders to offer the rates and terms of a loan in "plain language" to borrowers
The forms would also change the way annual percentage rates are calculated, to include fees that are currently excluded from the APR such as title searches, credit reports, and appraisals. The documents clearly outline loan costs and how they may potentially change over time.
The Consumer Financial Protection Bureau is currently accepting public comment on their proposal.
If you need help understanding these and other complicated mortgage details, contact us, Los Angeles mortgage broker, and we will help you find the best deal.

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