The CFPB updated three publications in January to reflect the agency’s new mortgage lending rules:
♦ What You Should Know About Home Equity Lines of Credit (HELOC brochure);
♦ Consumer Handbook on Adjustable-Rate Mortgages (CHARM booklet); and
♦ Shopping for Your Home Loan (Settlement Cost booklet).
The Federal Reserve Board previously published the HELOC brochure and CHARM booklet. The Department of Housing and Urban Development previously published the Settlement Cost booklet.
To comply with the requirements in Regulations X—Real Estate Settlement Procedures Act (RESPA)—and Z—Truth in Lending Act (TILA)—credit unions providing these publications may begin to use either the revised HELOC brochure, CHARM booklet, or Settlement Cost booklet, or suitable substitutes.
Credit unions certainly can exhaust existing supplies of these publications, the CFPB says, but any reprints should include the most recent versions.
The CFPB will be revising these publications in the future to reflect changes to disclosure requirements for mortgage credit transactions under TILA and for real estate settlements under RESPA, issued last November (effective August 1, 2015).