For most Americans, buying a home means taking out a mortgage loan. The Dodd-Frank Act requires us to combine the Truth in Lending Act and Real Estate Settlement Procedures Act disclosures. You receive these disclosures shortly after you apply for a mortgage and shortly before you close on the mortgage. We decided to involve the people who will actually use the new forms—consumers, lenders, mortgage brokers, settlement agents—in helping to combine and improve them.
These are the results.
On this page
new disclosures . Compare our new disclosures to the existing ones.
What makes them better . See a sample Loan Estimate with examples of how we’re improving people’s ability to understand their mortgages.
How we got here . Review a timeline of the project, from the Dodd-Frank Act to today.
The new disclosures
Our new disclosures are easier to understand and use than the existing disclosures. In addition, the Loan Estimate you get after you apply for a mortgage and the Closing Disclosure you get before you close are designed to work with each other. Take a look at them side by side to see how they’re different.