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CFPB Finalizes “Know Before You Owe” Mortgage Forms

The CFPB has issued a final rule that incorporates integrated disclosures that are easier to use and are designed to more clearly lay out the terms of the mortgage for the borrower. The final rule requires that lenders use the CFPB’s new disclosures, establishes rules about when the new forms are given to the consumer, and limits how the final deal (at closing) can change from the original loan estimate.  This rule is effective August 15, 2015, and the CFPB is already working with the mortgage lending industry and consumers towards its effective implementation.

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