Definition
Mandatory Disclosure
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Mandatory disclosure is the set of rules and regulations governing the type of information that must be informed to borrowers, including the methods and timings in which they are done.
These rules usually arise due to the authorities becoming concerned about the market.
The fear is that consumers don’t really understand the dynamics of the credit facilities they are signing up to. These can make them victims to predatory lending.
Mandatory disclosure will at least ensure that borrowers are presented with critical information regarding their home loans.
An example is the amortization schedule that home loan applicants must endorse before proceeding with the loan application.
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