Last week, the Consumer Financial Protection Bureau (“CFPB”) released a new set of resources and tools designed to assist borrowers with the mortgage shopping process.
Additionally, the CFPB issued a study that made several significant findings:
- Half of consumers who take out a mortgage fail to shop prior to applying; that is, they seriously consider only a single lender or mortgage broker;
- The primary source of information that borrowers rely upon is their lender or broker, followed by a real estate agent, with fewer consumers considering information from outside sources; and
- Consumers who are more knowledgeable about the mortgage loan process are more likely to shop around.
The “Owning a Home” website walks consumers through the home buying process, and it provides information and answers to frequently asked questions. The materials on the website walk borrowers through the initial questions and terminology all the way through the closing process, including a closing checklist.
Should you have any questions about these materials, please contact Spilman.