By Gene DiPaula
Sep 22, 2015The Consumer Financial Protection Bureau (CFPB) has released new online tools on their “Owning a Home” landing page. These tools are aimed at helping consumers better understand the mortgage process, in preparation for the TILA-RESPA Integrated Closing Disclosures (TRID), or the Know Before You Owe Rule, which goes into effect October 3, 2015.
The new tools are divided into four phases:
- Prepare to shop
- Explore loan choices
- Compare loan offers
- Get ready to close
Within each phase, consumers can use various online forms and worksheets to learn more about the loan process and their options. Consumers can, for example, explore potential interest rates, based on their credit score, location, home price, loan type, and more. There are also tools that walk consumers step-by-step through the new disclosure forms: the Loan Estimate and the Closing Disclosure.
To view the new tools, click here.
NFM Lending is continuing to prepare its employees, industry partners and consumers for TRID. For more information on TRID, and to find out what NFM Lending is doing to prepare, click here.
These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.