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CFPB announced a new "Know Before You Owe" mortgage guidance toolkit for homebuyers that puts emphasis on the bureau's Loan Estimate and Closing Disclosure forms that will be required in August.

The toolkit is meant to replace a previous booklet that creditors have been required to provide to mortgage applicants. The new guide provides a step-by-step explanation of the costs of real estate settlement services and how to find the best mortgage, as well as interactive worksheets and checklists for borrowers.

CFPB Director Richard Cordray said, "The new mortgage disclosure forms coming in August will help consumers comparison shop for mortgages and avoid surprises at the closing table. We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new rules."

NAFCU's 2015 electronic edition of the Credit Union Compliance GPS has more than 30 new pages dedicated to the TILA-RESPA rule, as well as other updates on major regulatory changes. NAFCU has also run a series of blog entries on the rule, available on the Compliance Blog.

NCUA has told NAFCU the agency will be examining credit unions for their "good faith" efforts on compliance with this rule as of Aug. 1. More recently, two key House members have urged CFPB to extend the "hold harmless" period for compliance, noting that August is one of the busiest months of the year for home-loan closings.