New Financial Disclosure Rules not as Bad as Rumor Has It.
Congress has directed the Consumer Financial Protection Bureau to simplify the home loan process. Until last week the consumer would receive four documents relative to their loan transaction. There are now two. The forms are easier on the eyes. The new Rule requires the Lender to issue two documents. 1. The Loan estimate must be provided within three business days of applying for a loan. This replaces the Good Faith estimate which was required to provided