Build Solid Customer Relationships with the “Your Home Loan Toolkit” | Wolters Kluwer Financial Services
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  • Build Solid Customer Relationships with the “Your Home Loan Toolkit”

    Jeanne Erickson, Senior Attorney

    Published October 08, 2015

    The Consumer Financial Protection Bureau (CFPB), as part of TILA-RESPA Integrated Disclosure (TRID) rules, replaced the Settlement Cost Booklet with the Your Home Loan Toolkit. The new toolkit provides valuable information to consumers on finding the best mortgage, understanding closing costs, and becoming a successful home buyer.

    TRID requires creditors to provide the Your Home Loan Toolkit within three business days of receiving a loan application from consumers. Like the Settlement Cost Booklet, delivery is only required for loans where consumers are purchasing residential property. The new toolkit should be provided along with the new Loan Estimate. If the creditor denies the consumer’s application for credit within, but before the end of the three day period, then the creditor does not need to provide the toolkit or the Loan Estimate.

    The creditor may find that the Your Home Loan Toolkit is not just one more required disclosure; it is also a valuable tool in helping consumers choose a loan product and prepare for closing. The toolkit helps consumers understand:

    • Amount of mortgage they can afford
    • Consumer credit
    • Loan features, such as fixed or variable rate, balloons, prepayment penalties, points versus interest rates, etc.
    • Preparations for closing
    • New TRID Closing Disclosure

    Finally, the creditor can use the Your Home Loan Toolkit to help solidify consumer relationships by presenting it as a valuable tool in understanding the home loan process.


    Order the new "Your Home Loan Toolkit" today.



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