If a customer only inquires about rates or fees, must you provide written account disclosures?

Providing written account disclosures is a critical component of ensuring transparency and compliance in the mortgage process, which is mandated by regulations such as the Truth in Lending Act (TILA). When a customer makes an inquiry about rates or fees, it is essential to offer them account disclosures, as these documents encompass pertinent information regarding the terms and costs associated with a mortgage loan.

The rationale behind this requirement is to ensure that customers have all the necessary information to make informed decisions regarding their financial commitments. Even if the customer does not explicitly request detailed disclosures, engaging them in a conversation about rates or fees implies a need for clarity and understanding of the associated costs. By providing these disclosures, mortgage professionals help facilitate a clear and transparent process, thereby fostering trust and accountability in the lender-borrower relationship.

This approach aligns with the Consumer Financial Protection Bureau's (CFPB) mission of protecting consumers by ensuring they receive comprehensive and accurate information to aid in their decision-making processes regarding loans.