Lender policy key to mortgage shopping

Truth in Lending disclosures may be of little use

Among the more interesting of the Federal Reserve proposals for amending the Truth in Lending Act (TILA) is one to expand the disclosures required at application. The purpose is to encourage mortgage borrowers to shop before they commit themselves.

The major new disclosure is one called "Key Questions to Ask About Your Mortgage." The heading atop the list of key questions states, "The only way to make sure you get the best possible loan terms is to talk to several lenders: Shop, Compare, Negotiate."