![]() This will help them to better understand what the borrower expects during the process and how to best meet those expectations. The toolkit may (and should) be used by lenders as a training guide for their originators, processors and closers as well. Any lender adding their logo must provide a specific disclaimer in the toolkit ( Disclaimer). The CFPB issued specific instructions on how to do so ( Instructions). To aid in branding, CFPB will allow lenders to add their logo to the face of the new toolkit. This is not just a consumer resource, but one for a lender as well. I recommend that all loan originators read this booklet and become familiar with its content. It is an excellent resource to help guide the borrower through the process to minimize confusion, streamline the process, reduce defects and help get to the closing on time. This is some good stuff, especially for a first-time homebuyer. It also clearly explains the closing process and the new Closing Disclosure, which replaces the HUD 1. It provides good information on determining what a consumer can afford, the amount of their down payment, selecting the right loan and the tradeoffs of paying discount points to get a lower rate. ![]() ![]() ![]() It seems that the new toolkit might be better suited for use by a consumer before they apply for their mortgage. As part of the upcoming TRID changes, when providing a consumer with the new Loan Estimate a Broker, Bank or Lender must also provide a new settlement information booklet known as “Your home loan toolkit” ( Toolkit).ĬFPB has updated the Settlement Cost Booklet to provide a consumer with more information to help them make better choices about their mortgage, with worksheets and checklists to help guide them through the process. ![]()
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