In March, the Consumer Financial Protection Bureau (CFPB) released “Your Home Loan Toolkit: A Step- By-Step Guide” to help consumers navigate the process of shopping for a mortgage and buying a house.
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 (CU Mag 5/15, p. 38).
The toolkit 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:
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.
Card agreement submissions suspended until April 2016
In mid-April, CFPB temporarily suspended card issuers’ obligation under Regulation Z to submit credit card agreements to the agency for a period of one year (four quarterly submissions).
The bureau suspended this requirement while it develops a “more streamlined and automated electronic submission system.”
Other requirements, including card issuers’ obligation to post these agreements on their own publicly available websites, remain unaffected by this rule change.
Credit card issuers must resume submitting the agreements to CFPB on a quarterly basis starting on the first business day on or after April 30, 2016.
Final interpretation issued on home ownership counseling
The CFPB also issued a final interpretive rule on how to provide mortgage applicants with a list of local home ownership counseling organizations.
The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders building their own lists of housing counselors.
The rule also includes guidance on providing high-cost mortgage counseling, and new instructions on:
Credit unions that want to build their own list of local counselors can refer to the CFPB’s online tool for locating counselors.