Even as some in the industry apparently hope for a reprieve
from implementing new mortgage disclosure forms the Consumer Financial
Protection Bureau (CFPB) has rolled out a consumer toolkit to aid the transition
to them. The toolkit, part of CFPB’s “Know Before You Owe” mortgage initiative, is designed to
help consumers take full advantage of the new Loan Estimate and Closing
Disclosure forms which go into effect on August 1.
CFPB says the toolkit is intended to replace the
Housing and Urban Development created Shopping for Your Home Loan: Settlement Cost Booklet which lenders must currently provide to mortgage applicants. Creditors will be required to provide the
toolkit to mortgage applicants no later than three days after mortgage
applications. Other industry
participants, including real estate professionals, are encouraged to provide it
to potential homebuyers.