The CFPB has issued instructions on how creditors and other housing professionals can use their logo with the new “Home Loan Toolkit” (“Toolkit”). Previously, at a May 26, 2015 webinar that addressed the new TILA/RESPA Integrated Disclosure rule, the CFPB staff informally advised industry members that they could add their logo to the Toolkit. The new instructions confirm this advice and provide further guidance on how a company may add their logo to the cover of the booklet, including information about the required disclaimer as well as the trademark licensing agreement.
As we have previously written, the Toolkit has been redesigned to explain to consumers how the Loan Estimate and the Closing Disclosure work, and how the two documents interact during a home loan purchase. Among other things, the Toolkit provides questions consumers should consider to help define their homeownership goals and mortgage lending choices. Lenders must deliver or mail the Toolkit to consumers no later than three days after receipt of an application. The CFPB has also encouraged all market participants, including realtors, to integrate the Toolkit with its consumer marketing materials.
In addition, the CFPB is currently developing a Spanish language version of the Toolkit, and will publish a notice of availability in the Federal Register when it is released. The new Toolkit must be used with the new TILA/RESPA integrated disclosures and be given to consumers for applications received on or after August 1, 2015.