BofA's one-page loan disclosure
Posted in RESPA reform By Matt Carter, Tuesday, April 28, 2009.Bank of America has introduced a new one-page loan summary form which it will use in addition to legal disclosures.
Looks like one reason it's only one page is because it includes only very basic information: mortgage amount, loan type, interest rate, loan term, and monthly payment.
The "closing cost summary" includes only boilerplate language about closing fees and prepaid taxes, insurance and interest. Borrowers are referred to the HUD-1 settlement statement for an itemization of charges.
Would be interested in hearing from the group how you think this one-page summary statement -- which is being provided at application and closing -- compares with HUD's new GFE as a tool for comparison shopping.
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