CFPB Releases Home Loan Toolkit
On March 31 the Consumer Financial Protection Bureau (CFPB) released a document intended to replace the current settlement cost booklet. The settlement cost booklet is provided to mortgage applicants during the application process. Starting August 1, the new Your Home Loan Toolkit will be provided instead, as required by the TILA-RESPA integrated disclosure rule. Of course, starting August 1, in addition to the new home loan toolkit, lenders will also start providing the new loan estimate and closing disclosures.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
Comments are closed.