If you’ve ever gotten a mortgage loan, you’re probably very familiar with the thick stack of disclosures you receive after you complete your application. The government bureaucrats that designed the disclosures intended for them to be illuminating and informative for consumers, but I’ve found that many of my clients just find them confusing. I’m more than happy to guide them through and help them understand the disclosures, but wouldn’t it be great if the disclosures were just simple and understandable to begin with?
Well, enter consumer advocate Elizabeth Warren with a great idea: streamlined mortgage disclosures. Instead of the thick stack of confusing paperwork – much of which just shows the same information in different formats – how about we boil it down to just a few pieces of paper with the most pertinent information? I think it’s a great idea that would be beneficial to lenders and homeowners alike.
Check out Warren’s proposal in a video over at CNN. What are your thoughts? Do you think her idea would be beneficial for mortgage shoppers?
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