{"id":3638,"date":"2024-01-01T10:08:18","date_gmt":"2024-01-01T15:08:18","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3638"},"modified":"2024-04-25T23:17:02","modified_gmt":"2024-04-26T03:17:02","slug":"before-applying-for-your-mortgage-get-familiar-with-the-official-consumer-toolkit","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/before-applying-for-your-mortgage-get-familiar-with-the-official-consumer-toolkit\/","title":{"rendered":"Before Applying for Your Mortgage, Get Familiar With the Official Consumer Toolkit"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/before-applying-for-your-mortgage-official-consumer-toolkit-1024x579.png\" alt=\"\" class=\"wp-image-3639\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/before-applying-for-your-mortgage-official-consumer-toolkit-1024x579.png 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/before-applying-for-your-mortgage-official-consumer-toolkit-300x170.png 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/before-applying-for-your-mortgage-official-consumer-toolkit-768x434.png 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/before-applying-for-your-mortgage-official-consumer-toolkit.png 1246w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em><strong>Know Before You Owe<\/strong><\/em> is a set of mortgage guides from the Consumer Financial Protection Bureau (CFPB). It shows home loan seekers the steps they need to take to open and handle a mortgage account. It provides detailed information on <a href=\"https:\/\/www.deeds.com\/articles\/update-fed-signals-2024-pivot-on-interest-rates-what-should-home-sellers-and-seekers-know\/\">interest rates<\/a>, and explains how to find comparable deals on loans, too.<\/p>\n\n\n\n<p>This makes perfect sense. Home seekers should know what they\u2019re signing up for. And who wants \u201cgotcha\u201d moments or sudden clarifications once it feels (or really is) too late to back out?<\/p>\n\n\n\n<p>So, the mortgage lender legally must give the borrower an official set of closing disclosures at least three business days prior to closing day.<\/p>\n\n\n\n<p>Why not check it out earlier?<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Improved Disclosure Materials: A Response to the Mortgage Crisis Fallout.<\/h2>\n\n\n\n<p><em>Know Before You Owe <\/em>helps borrowers understand both the mortgage process, and their options. The CFPB, a federal agency, works to keep lending practices fair for regular people. In the agency\u2019s own words: \u201cWe help keep banks and other financial service providers consumers depend on every day operating fairly.\u201d<\/p>\n\n\n\n<p>Before the current <em>Know Before You Owe<\/em> package was designed, there were four disclosure forms. They were not so simple to read, or to use.<\/p>\n\n\n\n<p>That changed after the housing crisis that unfolded between 2007 and 2010. In fact, the federal mortgage law itself changed.<\/p>\n\n\n\n<p>In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act directed lenders to make lending criteria stricter, in order to reduce the risks to borrowers. By 2015, the CFPB had its first Know Before You Owe publications. They simplified the mortgage disclosure materials that the lenders had to give their borrowers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Disclosures Are Simple to Read, Simple to Use\u2014And Personalized for Loan Shoppers.<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"488\" height=\"325\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/mortgage-disclousures-that-are-simple-to-read.jpg\" alt=\"\" class=\"wp-image-3640\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/mortgage-disclousures-that-are-simple-to-read.jpg 488w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2024\/01\/mortgage-disclousures-that-are-simple-to-read-300x200.jpg 300w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/figure>\n\n\n\n<p>Today, the CFPB website includes its <a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Owning a Home<\/em><\/a> section. This part of the site guides the hopeful loan borrower through the mortgage-seeking adventure. It offers tips, information, and alerts.<\/p>\n\n\n\n<p>Helpfully, <em>Owning a Home<\/em> condensed the disclosure forms for loan applicants into just two straightforward forms. These are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Loan Estimate.<\/strong> This shows the agreement the buyer is making \u2014 specifics of the mortgage and all the relevant fees. It states the interest rate, and whether that\u2019s locked in. If the terms penalize borrowers who pay their monthly amount early, this document says so. All told, the Loan Estimate can help a loan applicant know exactly what\u2019s on the table, then look around and compare available mortgages in the last hours leading up to closing day! See what a <a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/loan-estimate\/\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Estimate<\/a> looks like.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Closing Disclosure.<\/strong> This helps you avoid costly surprises at the closing table. Does the Loan Estimate match the Closing Disclosure? The toolkit shows the reader how to compare this document \u2014 its amounts and loan terms \u2014 to the same details where they appear on the Loan Estimate. The borrower gets three business days to compare these forms and ask questions before going through with the closing. See what a <a href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/closing-disclosure\/\" target=\"_blank\" rel=\"noreferrer noopener\">Closing Disclosure<\/a> looks like.<\/li>\n<\/ul>\n\n\n\n<p>The Home Loan Toolkit gives borrowers the necessary context to understand these disclosures. And the mortgage company gives one to each borrower. See what the <a href=\"https:\/\/www.consumerfinance.gov\/f\/201503_cfpb_your-home-loan-toolkit-web.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Home Loan Toolkit (PDF)<\/a> looks like.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Know Your Rights, and Know the Law, the CFPB Says<\/h2>\n\n\n\n<p>Remember, every mortgage borrower is entitled to a Closing Disclosure at least three business days in advance of the deed transfer. This might seem like a nuisance for a hopeful buyer headed for the finish line. But, as you can now see, there\u2019s a consumer-friendly rationale for that three-day period. It allows buyers to change their minds about closing if something\u2019s not as promised. It provides a set time when a home buyer may get clarifications on the process and the lingo, clear up any questions or misunderstandings, and maybe even request changes to the <a href=\"https:\/\/www.deeds.com\/articles\/your-mortgage-and-the-law-an-overview\/\">mortgage agreement<\/a>.<\/p>\n\n\n\n<p>At that time, the agency\u2019s online guide can be quite useful, even for an experienced buyer. It includes worksheets, budget forms, and even sample role-playing scripts the buyer can use to prepare for real conversations with the mortgage company.<\/p>\n\n\n\n<p>It also tells readers what mortgage fraud is, and why not to do it. Stating the obvious? Yes, but some people<em> do <\/em>fudge numbers, so maybe they <em>do <\/em>need to be told it\u2019ll likely not end well!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Companies Must Approve Applicants in an Unbiased Way. So Must Their Software!<\/h2>\n\n\n\n<p>In September 2023, the CFPB issued guidance to lenders on using algorithms, including artificial intelligence (AI). Cutting-edge technology makes all sorts of consumer data available to lenders. These companies have to be able to articulate which data forms their decisions. They can\u2019t just say the AI did it. So the guidance warns lenders not to just mark boxes on forms without stating the specific reasons, in each case, when they turn people down for mortgages. If they don\u2019t follow this guidance, they are offending the federal Equal Credit Opportunity Act. In fact, the Equal Credit Opportunity Act <em>requires <\/em>lenders to specify the precise reasons for refusing to issue a loan.<\/p>\n\n\n\n<p>Why is this? Because when our lenders tell us straight-up why we\u2019re deemed ineligible, then we can know how to proceed in the future, and <a href=\"https:\/\/www.deeds.com\/articles\/applying-for-a-mortgage-get-the-facts-on-credit-scores-and-how-to-improve-yours\/\">improve our credit profile<\/a> accordingly. And, it reassures us that wrongful bias is not in play. &nbsp;\u00ad\u00adIt\u2019s for this reason that the CFPB says the lender must state the detailed findings that went into the denial. In other words: What exactly did the applicant do or not do?<\/p>\n\n\n\n<p>Also, the CFPB says in its September 2023 release titled <em>CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence<\/em>, a lender must straightforwardly communicate the reason, no matter that the applicant could be \u201csurprised, upset, or angered\u201d to find out they\u2019re being \u201cgraded on data that may not intuitively relate to their finances.\u201d<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><em><strong>In a new Executive Order, the White House has acted to <\/strong><\/em><a href=\"https:\/\/www.deeds.com\/articles\/what-a-new-executive-order-says-about-artificial-intelligence-and-how-it-could-help-people-buy-homes\/\"><strong><em>prevent \u201calgorithmic discrimination\u201d<\/em><\/strong><\/a><em><strong> in housing.<\/strong><\/em><\/pre>\n\n\n\n<p>This is an area of mortgage law with a lot of new developments. The Consumer Financial Protection Bureau and other U.S. agencies are hammering out federal rules on algorithmic technology. They need to be sure that the latest AI-powered tools aren\u2019t sidelining minority applicants through a new kind of <a href=\"https:\/\/www.consumerfinance.gov\/compliance\/circulars\/circular-2023-03-adverse-action-notification-requirements-and-the-proper-use-of-the-cfpbs-sample-forms-provided-in-regulation-b\/#:~:text=This%20Circular%20addresses%20adverse%20action,the%20prohibition%20against%20illegal%20discrimination.\" target=\"_blank\" rel=\"noreferrer noopener\">digital redlining<\/a>.<\/p>\n\n\n\n<p>At <em>Deeds.com<\/em>, we\u2019ll keep you posted. Meanwhile, take a look at the <em>Know Before You Owe<\/em> materials. If you wait to learn about them three days before your closing day, it could be a little harder to concentrate.<\/p>\n\n\n\n<p><strong><em>Important note:<\/em><\/strong> This and other articles on <em>Deeds.com<\/em> are intended to provide food for thought and general information \u2014 but not financial or legal advice. The way to obtain case-specific guidance is to consult with a licensed professional in your state. If you believe you have been subjected to unfair practices, you may <a href=\"https:\/\/www.consumerfinance.gov\/complaint\/\" target=\"_blank\" rel=\"noreferrer noopener\">file a complaint with the Consumer Financial Protection Bureau<\/a>.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Consumer Financial Protection Bureau (CFPB), via <em>ConsumerFinance.gov<\/em>: <a href=\"https:\/\/www.consumerfinance.gov\/know-before-you-owe\/\" target=\"_blank\" rel=\"noreferrer noopener\">Know Before You Owe<\/a> \u2013 Mortgages (mandated since 2015).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Consumer Financial Protection Bureau (CFPB), via <em>ConsumerFinance.gov<\/em>: <a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-issues-guidance-on-credit-denials-by-lenders-using-artificial-intelligence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Newsroom \u2013 CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence; Consumers Must Receive Accurate and Specific Reasons for Credit Denials<\/a> (Sep. 19, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/heres-the-lowdown-on-mortgage-fraud-today\/\">Mortgage fraud today<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/small-mortgages-for-modest-homes-where-are-they\/\">Small mortgages<\/a><strong><\/strong><\/h3>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: U.S. Government (<a href=\"https:\/\/www.rawpixel.com\/image\/6200852\/photo-image-public-domain-people\" target=\"_blank\" rel=\"noreferrer noopener\">Public Domain<\/a>) via RawPixel; and <a href=\"https:\/\/www.pexels.com\/photo\/photo-of-woman-taking-notes-4458554\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ivan Samkov<\/a> via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Know Before You Owe is a set of mortgage guides from the Consumer Financial Protection Bureau (CFPB). It shows home loan seekers the steps they need to take to open and handle a mortgage account. It provides detailed information on interest rates, and explains how to find comparable deals on loans, too. This makes perfect [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[894,892,160,895,328,889,890,891,888,893],"class_list":["post-3638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-cfpb","tag-closing-disclosure","tag-consumer-financial-protection-bureau","tag-financial-literacy","tag-home-loans","tag-know-before-you-owe","tag-loan-estimates","tag-mortgage-disclosures","tag-mortgage-guidance","tag-mortgage-process"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Before Applying for Your Mortgage, Get Familiar With the Official Consumer Toolkit - Deeds.com<\/title>\n<meta name=\"description\" content=\"Explore our insightful guide on &#039;Know Before You Owe&#039; - your essential resource for understanding mortgages and consumer rights. 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