FDIC Consumer News
New Date for Mortgage Disclosure Rule
The Consumer Financial Protection Bureau (CFPB) has announced that its new rule intended to improve the disclosure of mortgage costs to loan applicants will now take effect on October 3, 2015. The agency's "Know Before You Owe" rule was originally set to take effect on August 1, 2015. The rule, which requires more user-friendly disclosure forms that clearly lay out the terms of a mortgage for a homebuyer, implements a provision of the 2010 Dodd-Frank financial reform law. For more information about the new disclosures, go to the CFPB website.