The way home buying is done underwent a significant shift, thanks to an initiative that took off on October 3rd. The Consumer Financial Protection Bureau (CFPB) has titled the change “Know Before You Owe”. This strategy primarily focuses on revamping the process of obtaining a mortgage when purchasing a home. This change was a response to the Dodd-Frank Act, a federal financial reform legislation, which urged the CFPB to refine the home buying procedures following the 2008 housing debacle. Ever since the formation of the agency, adapting “Know Before You Owe” has remained a priority. To know more, head to CBS MONEY WATCH.
Photo credits: Nan Palmero
