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CFPB Rolls out Disclosure Toolkit, Dampens Delay Speculation

Thursday, April 2, 2015

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.

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