Consumer Financial Protection Bureau Releases Home Loan Toolkit

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Consumer Financial Protection Bureau Releases Home Loan Toolkit

Consumer Financial Protection Bureau recently released “Your Home Loan Toolkit”, a consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect onAugust 1, 2015.  The CFPB is providing the Toolkit well ahead of the effective date to give industry time to order and receive or print the new Toolkit and integrate electronic versions into their mortgage origination systems.

RELATED: Financial Options to Build a New Home

You can download the Toolkit here:
consumerfinance.gov/newsroom/cfpb-announces-new-know-before-you-owe-mortgage-shopping-toolkit/

Creditors must provide the Toolkit, referred to in the TILA-RESPA Integrated Disclosure rule as the “special information booklet,” to mortgage applicants as a part of the application process.  The Toolkit is designed to be used in connection with the new Loan Estimate and Closing Disclosure forms that will be effective on August 1.

RELATED: Bank of America to Pay $17 Billion for Bad Home Loans 

Learn more about the Toolkit by reading our press release:
consumerfinance.gov/newsroom/cfpb-announces-new-know-before-you-owe-mortgage-shopping-toolkit/

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