There is a delay of two months before a new mortgage document will be rolled out.
These documents, called the Loan Estimate and originally planned for release Aug. 1, will replace the Good Faith Estimate of closing costs and the first TILA disclosure.
According to Bankrate, the Consumer Financial Protection Bureau says it discovered an administrative error in the documents. The release date is pushed back to Oct. 1 to "accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time," bureau director Richard Cordray says.
