Federal agency aims to make mortgage terms easier to understand
The Consumer Financial Protection Bureau plans to propose rules to give consumers a more complete and understandable “good faith estimate” of mortgage costs. Before closing a sale, consumers will receive a single, revamped disclosure form of the terms — the interest rate that they will pay, how it could change over the course of the loan, and how much cash is needed at closing. And mortgage servicers will be required to provide clearer information, better service, and options for a borrower facing foreclosure.