WASHINGTON (7/29/15)--There is now a Spanish-language edition of the Consumer Financial Protection Bureau's “Your Home Loan Toolkit.” That's the new guide designed to help consumers navigate the process of shopping for a mortgage and buying a house once the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosures rule goes into effect Oct. 3.
The English-language version of the booklet was released in March.
Creditors must provide the toolkit, referred to in the TILA-RESPA Integrated Disclosures rule as the “special information booklet,” to mortgage applicants as a part of the application process. It replaces the current Settlement Cost booklet.
The bureau said it is releasing the toolkit "well ahead of the effective date" to give the mortgage lending industry time to order and receive or print the new guidance, and to integrate electronic versions into their mortgage origination systems.