The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.” Creditors must distribute the guide to mortgage applicants as part of the loan application process.
The guide, released as part of the TILA-RESPA mortgage disclosure integration taking effect Aug. 1, is intended to replace the current Settlement Cost booklet from the Department of Housing and Urban Development that creditors now distribute.
The toolkit includes information on choosing the right mortgage and the closing process. The electronic PDF version includes fields for customers to enter numbers and save their work as they shop for a home loan.
