Three months after new mortgage disclosure rules took effect, federal regulators and U.S. lenders are smoothing out some wrinkles that remain in the procedures designed to protect homebuyers.
The “Know Before You Owe” rules, which took effect Oct. 3, were written by the U.S. Consumer Financial Protection Bureau (CFPB) and require lenders to accurately disclose all details and fees at least three days before a closing. But lenders complained that the rules caused numerous delays in the mortgage process due to concerns over minor clerical errors in the Closing Disclosures form.
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