The CFPB released a toolkit for consumers shopping for mortgages ahead of the effective date for the Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. “We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new rules,” said CFPB Director Richard Cordray.
The toolkit is a step-by-step guide for consumers to understand real estate settlement services, determine what mortgage is affordable and to find the best mortgage. The toolkit is meant to replace a booklet developed by HUD that creditors currently must provide to mortgage applicants. After the August 1, 2015 effective date of the new Loan Estimate and Closing Disclosure forms, creditors must provide this toolkit to mortgage applicants as part of the application process. Real estate professionals and other industry participants are encouraged to provide it to potential homebuyers.
Download the toolkit.