Tuesday, July 10, 2012
Confusing Forms?:
When you consider taking out a mortgage or equity line of credit, do the forms, and there are so many of them, seem confusing? If so, then you share a complaint with many others that has existed over the years. Unfortunately, this is what happens when attorneys draft forms that cover a loan and still protect their clients, the lenders.
Well, under a recommendation, non-binding, of course, by the Consumer Financial Protection Bureau (CFPB), this issue would become a thing of the past. They have recommended that forms used in the lending be more easily understandible & less confusing. Sample forms would be provided after loan applications are filed and before closing. Want more info? Contact either the CFPB or your lender about these forms and their availability.
Good luck.
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