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CFPB Releases Home Loan Tool Kit for Consumers Shopping for a Mortgage
Friday, June 12, 2015 6:30 AM

In March, the Consumer Financial Protection Bureau released “Your Home Loan Toolkit: A Step-by-Step Guide” to help consumers in the process of shopping for a mortgage and buying a house, and it's available online.

CFPB intends the toolkit to be used with the new TILA-RESPA Loan Estimate and Closing Disclosure forms that will be effective on Aug. 1, 2015; and it replaces the “Special Information Booklet” credit unions provide mortgage applicants purchasing a one- to four-family residential property.

The updated booklet includes new content, such as:

  • Information on home ownership counseling services;
  • An explanation of a consumer’s responsibilities, liabilities, and obligations in a mortgage transaction;
  • Information on flood insurance;
  • Information on the new Loan Estimate and Closing Disclosure;
  • Additional CFPB contact information, online tools, and information on how to submit complaints; and
  • A hud.gov loan fraud resource. The booklet also includes a list of questions a consumer obtaining a federally related mortgage loan should ask, such as:
  • Will I have the ability to repay the loan?
  • Have I sufficiently shopped for the loan?
  • Does the loan include prepayment penalties?
  • Does the loan include balloon payments?
  • Will the loan benefit me?

An electronic version of the toolkit is available on consumerfinance.gov. Order paper copies from the Government Printing Office website at bookstore.gpo.gov.

A Spanish-language version will be available later this year.