Calling it the “Know Before You Owe” mortgage initiative, the Consumer Financial Protection Bureau (CFPB) has updated the Department of Housing and Urban Development’s (HUD) guide to shopping for a mortgage and buying a house, which was originally called “Shopping for Your Home Loan: Settlement Costs Booklet.”

The new Toolkit, as consumerfinancialserviceslawmonitor tells MHProNews, is to help educate consumers concerning the new Loan Estimate and Closing Disclosure forms that lenders will be required to provide to mortgage applicants beginning Aug. 1, 2015. It is suggested real estate professionals provide it to prospective homebuyers as well. The Toolkit represents fall out under the Truth in Lending Act (TLA) and the Real Estate Settlement Procedures Act (RESPA) as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ##

(Image credit: Consumer Financial Protection Bureau)

  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.