Having a budget and knowing what you can afford is very important when it comes to homeownership. Federally-mandated booklet to guide consumers through the process of shopping for a mortgage and buying a houseThe toolkit provides a step-by-step guide to. Study with Quizlet and memorize flashcards containing terms like The Mortgage Reform and Anti-Predatory Lending Act sets forth anti-predatory measures for existing high-cost mortgage loans. When buying a home you owe it to yourself to educate yourself in making sound financial decisions. One of the big reasons as to the real estate bubble crash in 2007 was reckless financing guidelines and uneducated people getting mortgages they should have never been able to qualify for. The Your Home Loan Toolkit A Step-By-Step Guide does a great job guiding people to make the right decision when it comes obtaining a mortgage. 1026. The CFPB has recently updated Your Home Loan Toolkitto correspond with the new TRID changes. There have been some recent changes called TRID in regards to the disclosure that lenders have to give potential homeowners with obtaining a mortgage. (The booklet it replaces is entitled Shopping for Your Home Loan: Settlement Cost Booklet.) The new booklet or Toolkit is designed to be used with the new TILA/RESPA integrated disclosures required to be provided for applications received on or after August 1. This booklet is a toolkit that can help you make better choices along your path to owning a home. The new booklet is entitled Your home loan toolkit: A step-by-step guide. How can this toolkit help you?īuying a home is exciting and, let’s face it, complicated. 2 (a) (20), a lender or mortgage broker that provides the borrower with a copy of the. ( 2) In the case of a federally related mortgage loan involving an open-ended credit plan, as defined in Regulation Z. The Consumer Financial Protection Bureau (CFPB) puts out a guide to educate people on financial aspects of homeownership. The intent of this provision is that the applicant receive the special information booklet at the earliest possible date.
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