HELOC In the case of a home equity line of credit (HELOC) a credit union or mortgage broker that provides the member with a copy of the Home is On the Line: What You Should Know brochure entitled “When Your About Home Equity Lines of or any successor brochure issued by the CFPB, is deemed to be in Credit,” compliance with this requirement. Delivery The credit union must deliver or place in the mail the Booklet no later than three business days after the application is received. If the credit union denies the application before the end of member’s member’s the three-business-day period, or if the member withdraws the application, the credit union does not need to provide the Booklet. However, the CFPB encourages credit unions to provide the Booklet to members at any other time, preferably as early in the home or mortgage shopping process as possible. Mortgage Broker: If a member uses a mortgage broker, the mortgage broker must provide the Booklet and the credit union does not need to provide it. Joint Applicants: When two or more persons apply together for a loan, the credit union is in compliance with the rule if the credit union provides a copy of the Booklet to one of the persons applying. The CFPB is providing the new toolkit well in advance of the August 1st effective date to give credit unions ample time to order and receive printed versions, or to integrate electronic versions into their mortgage loan origination system. The toolkit is available in an interactive PDF format and will be available in printed form. A Spanish language version will be available later this year. to view "Your Home Loan Toolkit: A Step-by-Step Guide." Mortgage Forms and Booklets Reference Chart Effective August 1, 2015 Booklet Information 1st Refinances- 2nd Mortgages, Real Estate, Reverse HELOC Guide Mortgage Closed End Subordinate Home Mortgages / Purchase Liens- Closed End Improvement Loans secured by Money- Loans-Closed mobile homes. Closed End End New TILA/RESPA X X X X Loan Estimate Form New TILA/RESP X X X X Closing Disclosure Form New Mortgage X Toolkit Booklet Guide Current Good Faith X X Estimate/TIS Reg Z Disclosures Current Hud-1 X X Disclosure/TIS Reg Z Disclosures CHARM Booklet X X X X X (If adjustable rate closed end loan) HELOC Booklet X
HELOC In the case of a home equity line of credit (HELOC) a credit union or mortgage broker that provides the member with a copy of the brochure entitled “When Your Home is On the Line: What You Should Know About Home Equity Lines of Credit,” or any successor brochure issued by the CFPB, is deemed to be in compliance with this requirement. Delivery The credit union must deliver or place in the mail the Booklet no later than three business days after the member’s application is received. If the credit union denies the member’s application before the end of the three-business-day period, or if the member withdraws the application, the credit union does not need to provide the Booklet. However, the CFPB encourages credit unions to provide the Booklet to members at any other time, preferably as early in the home or mortgage shopping process as possible. Mortgage Broker: If a member uses a mortgage broker, the mortgage broker must provide the Booklet and the credit union does not need to provide it. Joint Applicants: When two or more persons apply together for a loan, the credit union is in compliance with the rule if the credit union provides a copy of the Booklet to one of the persons applying. The CFPB is providing the new toolkit well in advance of the August 1st effective date to give credit unions ample time to order and receive printed versions, or to integrate electronic versions into their mortgage loan origination system. The toolkit is available in an interactive PDF format and will be available in printed form. A Spanish language version will be available later this year. to view "Your Home Loan Toolkit: A Step-by-Step Guide." Mortgage Forms and Booklets Reference Chart Effective August 1, 2015 Booklet Information Guide 1st Mortgage Purchase Money- Closed End Refinances- Closed End 2nd Mortgages, Subordinate Liens- Closed End Real Estate, Home Improvement Loans-Closed End Reverse Mortgages / Loans secured by mobile homes. HELOC New TILA/RESPA Loan Estimate Form X X X X New TILA/RESP Closing Disclosure Form X X X X New Mortgage Toolkit Booklet Guide X Current Good Faith Estimate/TIS Reg Z Disclosures X X Current Hud-1 Disclosure/TIS Reg Z Disclosures X X CHARM Booklet (If adjustable rate closed end loan) X X X X X HELOC Booklet X