As part of its "Know Before You Owe" mortgage
initiative, the Consumer Financial Protection Bureau released a
guide to assist consumers through the process of shopping for a
mortgage and buying a house. The Toolkit is designed to help
consumers take advantage of the new Loan Estimate and Closing
Disclosure forms that lenders are required to begin providing in
August.
In its
press release dated March 31, the CFPB stated that
"[c]reditors must provide the toolkit to mortgage applicants
as a part of the application process, and other industry
participants, including real estate professionals, are encouraged
to provide it to potential homebuyers."
The Toolkit will replace "Shopping for Your Home
Loan: Settlement Costs Booklet", which was originally
prepared by HUD and updated by the CFPB last year. The
Toolkit is designed to be used in connection with the new Loan
Estimate and Closing Disclosure forms that will be effective on
August 1, 2015. The CFPB released
