Mortgages Analyzed
Mortgages Analyzed
Mortgages Analyzed
 
Your Home Loan Toolkit

Your Home Loan Toolkit

Your Home Loan Toolkit

Your Home Loan Toolkit booklet guides borrowers through the home loan process by helping them in analyzing their borrowing needs, evaluating different loan options, and making a choice to obtain a loan that meet their needs. The toolkit guides the borrower in assessing their current situation in terms of affordability, credit, mortgage options, down payment, and other topics to help understand their borrowing needs. With this information, the toolkit helps compare different mortgage loan offers, choose a mortgage loan, and guide through the closing process. Finally, tips are provided on how to protect the homeownership and manage the mortgage loan.

The toolkit is developed by Consumer Finance Protection Bureau (CFPB) and was released on March 31, 2015. It replaces the Settlement Cost Booklet developed by Department of Housing and Urban Development (HUD).

Source :www.MortgagesAnalyzed.com

Borrower’s Considerations

Guide for Shopping for Mortgage

The toolkit is designed to help you in understanding your current financial situation and in analyzing various loan options so that you can shop for a mortgage loan that meets your unique requirements. It contains worksheets, checklists, research tips, talking points, illustrations of key mortgage disclosures, and other tools to help you understand the mortgage process.

Timing of Receiving the Booklet

The lender is required to send you the toolkit within three business days from the date of application. However, if you are interested in reading the toolkit ahead of time, then you want to download it yourself from CFPB's website.

Source :www.MortgagesAnalyzed.com

Lender’s Considerations

Provide to Borrowers as Part of Three Day Disclosures

Regulation X - Real Estate Settlement Procedures Act (12 CFR 1024) requires you to provide the booklet to each person from whom you have received an application for a mortgage loan. The toolkit must be provided to the borrower by delivering it or placing it in mail not later than three business days after you have received a loan application. However, you are not obligated to provide the toolkit if you deny the loan application within the three business day period.

Replaces Settlement Cost Booklet

The toolkit replaces The Department of Housing and Urban Development’s (HUD) Settlement Cost Booklet. It incorporates the integrated RESPA and TILA disclosures that are effective from Oct 3, 2015.

The booklet is designed to comply with Regulation X (12 CFR 1024.6) and Regulation Z (12 CFR 1026.19(g)) and Real Estate Settlement Procedures Act (12 USC 2604). Regulation X implements Real Estate Settlement Procedures Act (RESPA) and Regulation Z implements Truth in Lending Act (TILA).

Adding Your Logo to the Toolkit

You can customize the toolkit by adding a logo on the cover page. However, you must ensure you meet the following requirements from CFPB:

  1. You may add the logo only to the front cover.
  2. You must NOT make any changes to the toolkit and its contents.
  3. You must agree with the CFPB’s licensing agreement.
  4. Your must add a disclaimer on the inside front cover.

CFPB has published an instructional booklet which contains the detailed instructions, licensing agreement, and restrictions that you must follow when adding the logo. The disclaimer is available in English and Spanish. The list below provides the links to the key resources.

  1. Instructions For Using Your Logo with Your Home Loan Toolkit
  2. Disclaimer (English)
  3. Disclaimer (Spanish)

Future Versions

RESPA requires CFPB to revise the toolkit every five years. Therefore, you should be expecting to replace the booklet every five years.

Source :www.MortgagesAnalyzed.com

Why Does CFPB Prepare the ToolKit?

RESPA (12 USC 2604) requires CFPB to prepare, at least once every 5 years, a booklet to help consumers applying for federally related mortgage loans to understand the nature and costs of real estate settlement service. RESPA mandates specific content that must be included in the booklet. The Your Home Loan Toolkit is the booklet that CFPB has prepared in order to meet its obligations under RESPA.

Source :www.MortgagesAnalyzed.com
 

Document Summary

 
Your Home Loan Toolkit
Purpose
The toolkit guides borrowers through the home loan process by helping them in analyzing their borrowing needs, evaluating different loan options, and making a choice to obtain a loan that meet their needs.
Use in Mortgages
The toolkit is provided to the borrower the time of origination to help the borrower to assess their mortgage needs and choose a mortgage loan.
Other Names
  • Your Home Loan Toolkit
  • CFPB Your Home Loan Toolkit
  • Your Home Loan Toolkit: A Step-By-Step Guide
Type
Disclosure
Provided By
Lender
Provided To
Borrower
Notarization Required
No
Signed By
None
Life Cycle Stage
Origination
Recordkeeping
The lender should retain evidence of providing the toolkit in the loan origination file.
Model Form
N.A. The booklet is published by CFPB
Applicable Laws
This booklet is designed to comply with RESPA (12 USC 2604) and CFPB Regulation X (12 CFR 1024.6) and CFPB Regulation Z (12 CFR 1026.19(g))
Source :www.MortgagesAnalyzed.com

Ordering or Downloading the Toolkit

Download

Electronic versions of the toolkit can be downloaded from the CFPB website from this location. You may print the toolkit and provide to the borrowers. For your convenience, the list below provides the links to different versions of the toolkit.

  1. Interactive Your Home Loan Toolkit
  2. Interactive Your Home Loan Toolkit (Spanish)
  3. Print Ready Your Home Loan Toolkit (Large Size)
  4. Print Ready Your Home Loan Toolkit (Small Size)
  5. Print Ready Your Home Loan Toolkit (Spanish)

Ordering Copies from GPO Bookstore

  1. Large Version: The large version has the dimensions 17 x 8.5 in. Copies of the toolkit can be obtained by ordering from the GPO Bookstore by visiting this link.
  2. Small Version: The small version has the dimensions 3.875 x 8.5 in and is designed to fit into an A-10 business size envelope. You may order it from the GPO Bookstore by visiting this link.
Source :www.MortgagesAnalyzed.com

Updated: Jul 21, 2017

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