![]() There is also a calculation of the percentage of the consumer’s income spent on their monthly home payment. It includes their mortgage payment but also HOA fees, insurance and taxes. This section includes a worksheet for the consumer to calculate their total monthly home payment. The Toolkit includes the following topics: The goals of the Toolkit are to: (1) inform consumers of the steps they need to take to get the best mortgage for their individual situation, (2) help consumers understand their closing costs and what it takes to buy a home, and (3) give consumers tips on how to be a successful homeowner. However, in the Federal Register notice announcing the Toolkit’s availability, the CFPB encourages all market participants (such as realtors) “to provide the to consumers at any other time, preferably as early in the home or mortgage shopping process as possible.” The Toolkit is designed to be distributed electronically and has interactive worksheets and checklists. Lenders are required to deliver or mail the Toolkit not later than 3 days after receipt of an application. The new booklet is entitled “Your home loan toolkit: A step-by-step guide.” (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, 2015. The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA. ![]()
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