MBA Unveils 'Simple Facts' Booklet

The Mortgage Bankers Association has released an 8-page booklet called "Simple Facts" that is designed to help consumers evaluate mortgage options and have an informed conversation with their lender."We felt there was a real need for this sort of concise plain-English information," said MBA senior vice president Steve O'Connor. In conjunction with the booklet, consumers can go to the MBA's HomeLoanLearningCenter website and use a "Simple Calculator" to see what their monthly payments would be with fixed-rate, adjustable-rate, and payment-option mortgages. The MBA is going to be promoting "Simple Facts" through a series of advertisements and public service announcements. "Ideally we would like to get some of our key member companies and other industry stakeholders to help promote it," Mr. O'Connor said. The MBA used consumer focus groups in developing the booklet. The HomeLoanLearningCenter can be found online at http://www.homeloanlearningcenter.com.