The process of buying a home has seen a major change starting on October 3rd with the introduction of “Know Before You Owe,” an initiative by the Consumer Financial Protection Bureau (CFPB). This new approach aims to simplify and improve the mortgage process for home buyers. The change comes as part of the Dodd-Frank Act, a federal financial reform law created in response to the 2008 housing crisis. Since its inception, the CFPB has prioritized implementing “Know Before You Owe” to better protect and inform home buyers.