CFPB Support

At Union Square Mortgage, we believe the more our members know about the mortgage process, the better informed they’ll be making important decisions.


The Consumer Financial Protection Bureau (CFPB) offers various resources and tools, including a “roadmap” to help homeowners navigate the homebuying journey. Download the roadmap and "Buying a House" resource to learn more about key milestones and steps for success offered by the CFPB.

Standard Documents

Every buyer receives two, standardized documents during the mortgage process: the loan estimate and the closing disclosure.

Loan Estimate

loan estimate is requested by a homebuyer of a lender(s) at the beginning of the home loan process. To prepare the estimate, buyers must provide lenders the following information:

  • Buyer’s name
  • Buyer’s income
  • Buyer’s social security number
  • The property address for which the loan is required
  • The value of the property for which the loan is required (the listing price)
  • The desired loan amount

Within three days of the lender receiving the above information, the lender will provide the buyer with a loan estimate. The estimate outlines the key features of the loan, including any fees a buyer will incur obtaining the loan. The loan estimate provides the following information:

  • Loan amount
  • Interest rate
  • Monthly payment
  • Closing costs
  • Taxes and other costs
  • Basic loan information

A buyer may request a loan estimate from multiple lenders in order to compare a mortgage product offered by multiple lenders. Make certain the same kind of loan with the same feature is requested of each lender so that a true comparison can be made.

Important to Note:

  • A loan estimate isn’t an indication that your loan application has been approved or denied.
  • It’s not necessary to have a signed contract on a property in order to request a loan estimate.
  • There is no application fee associated with a loan estimate. The only expense associated with a loan estimate is a reasonable fee the lender may charge the applicant to run his/her credit report.
  • If your interest rate or loan details change, you may receive a revised loan estimate.
  • The loan estimate is not a guarantee. This includes the interest rate listed on the loan estimate. Some lenders may lock a rate as part of issuing a loan estimate, but others may not.
  • It is a buyer’s responsibility to inform a lender of his/her intent to proceed with the loan and lender.

The CFPB offers buyers a loan estimate explainer to help better understand and double-check important details within a loan estimate.

Closing Disclosure

Within three business days of the scheduled closing date, a buyer will receive the closing disclosure. The closing disclosure provides a buyer with the actual costs of a mortgage loan. The closing disclosure provides the following information:

  • Loan amount
  • Interest rate
  • Monthly payment
  • Closing costs
  • Estimated taxes, insurance and other costs
  • Summaries of transactions
  • Additional information about the loan

Important to Note:

  • Compare the closing disclosure with the most recent loan estimate to ensure the terms and costs are as expected.
  • Buyers have a 3-day window to thoroughly review the loan information and ask any final questions of the lender.
  • It’s possible that some costs may change.
  • If an error is noted, contact the lender or settlement agent immediately to have it corrected.
  • Ask the lender or closing agent to also provide the additional closing documents, including the promissory note and mortgage or security instrument in order to review them before closing/signing.

The CFPB offers buyers a closing disclosure explainer and a mortgage closing checklist to help better understand and prepare for closing.

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