Alabama Consumer Protection News

NAMB Consumer Protection Chair Calls for Simpler Mortgage Disclosure  

Creating a simpler mortgage process with clear disclosure of all fees was a consistent theme during testimony by the National Association of Mortgage Brokers (NAMB) at a hearing conducted by the Federal Reserve Bank this week in Atlanta.

Kate Crawford, Chair of NAMB's Consumer Protection and Affordable Housing Committee, represented the association and stated that one of the toughest hurdles in the home buying process is shopping for the right loan.

"Unfortunately, the approved disclosure documents for rate, fees, costs and points can be confusing and overburdened with legalese," said Crawford. "In addition, only mortgage brokers disclose all costs to the consumer. Until there is a uniform way to disclose costs and everyone is fully transparent about their fees it will continue to be difficult for consumers to comparison shop in a meaningful way." Read more at rismedia.com

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	Did You Know?
	While a product might not have a written warranty, under state law, consumers are guaranteed certain implied warranties.