Good Faith Estimate is required to be given to an applicant within three days of applying for a mortgage. This disclosure details all of the fees associated with processing of the loan. Applicants should look over this form carefully to make sure the fees they are being charged are necessary and reasonable.

The disclosures are required by law in an effort to make the consumer more informed. Some disclosures can be difficult to understand. Make sure your working with a mortgage professional that is willing to explain every disclosure you sign.

The Truth-In-Lending Disclosure is required to be given by lenders to help borrowers understand the true cost of borrowing money. This disclosure must also be given to borrower within 3 days of applying for a loan.

The loan servicing disclosure outlines the terms which lenders must follow if and when your mortgage is resold. It lists how many days notice you must be given as far as who your new servicer is, how you can enter a complaint with if those guidelines are not followed, and what you are entitled to if you incur any type of damages as a result of the lender not following proper procedure.

Besides federal disclosures, some states also mandate their own disclosures to protect consumers. New York, for instance, has the "Pre-application Disclosure". It requires New York mortgage brokers to inform loan applicants the role a broker plays in the transaction, how and how much is the broker compensated, the banks the broker most often uses, and if and how compensation is split and with whom.

Another required disclosure is the notice of the right of an applicant to receive a copy of their appraisal report. All clients working with a broker or lender can receive a copy of their appraisal if they request it.

Equal Credit Opportunity disclosure informs applicants that the Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, or age. They also cannot discriminate against applicants because they receive public assistance or because the applicant has exercised any right under the Consumer Credit Protection ACT.