A Borrower's Bill of Rights
A borrower has the right to clear and forthright explanations of the
terms and conditions of the loan.
A borrower has the right to timely and truthful disclosures regarding
the rates and costs of the loan.
A borrower has the right to accurate disclosure of final annual
percentage rate and amount of regular payments at the time of loan
closing/settlement.
A borrower has the right not to be subject to deceptive marketing
tactics.
A borrower has the right to obtain credit counseling prior to closing
on the loan.
A borrower has the right to have a lender consider a borrower's
ability to repay the loan before such credit is extended.
A borrower should receive a tangible benefit when charged a fee or
higher interest rate to refinance a loan.
A borrower has the right to not be subject to a requirement that he
or she finance any portion of points or fees.
A borrower has the right to decline credit insurance in connection
with a loan.
A borrower has the right to a fair and equitable resolution to any
disputes related to their loan.
A borrower has the right to have favorable information reported to
credit bureaus on a timely basis.
