2015 Revised Mortgage Disclosure Documents

You normally get several disclosure forms when trying ot obtain a mortgage. It is easy to get overwhelmed. Each of these was established by different legislation and at different times. In many cases, they offer overlapping information, which can make the paperwork even more difficult to digest. The 2015 revised mortgage disclosure documents will make the information provided to borrowers less confusing.

The New Loan Estimate Disclosure

Figures from the Good Faith Estimate (GFE) and Truth-in-Lending (TIL) will appear in a new loan estimate form. This form will provide details on the terms of a mortgage, fees involved, estimated loan payments, and other critical facts. This can be helpful for comparing multiple loan options from one company or from multiple lenders. Once you apply for a mortgage, the lender must provide you with this disclosure within 3 business days.

The New Closing Disclosure Form

The closing disclosure form outlines the costs charged in connection to the mortgage. It will combine figures provided in the settlement statement and Truth-in-Lending disclosure. There are ordinarily many different fees. To simplify it, fees are organized into different categories such as origination charges, taxes, and pre-paids. This disclosure comes near the end of the transaction; it must be provided at least 3 business days before closing.

2015 Revised Mortgage Disclosure Documents

The revised disclosures will be implemented August 1, 2015. If you fill out a mortgage application on or after August 1st, you will notice these new disclosures. This change does not apply to reverse mortgages and home equity loans. No matter which disclosures you get, you should always touch base with your mortgage consultant if you have difficulty understanding the terms that apply to your particular mortgage. The information on the 2015 revised mortgage disclosure documents in this article is provided only as a brief summary and does not cover every component of the planned changes.

About Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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