The CFPB has released a new toolkit that provides a step-by-stepguide for mortgage-seeking consumers.

Thebureau said it unveiled the toolkit ahead of the August 1effective date of the “Know Before You Owe” mortgage disclosurerule to give lenders time to order and the print the toolkit, aswell as integrate the electronic version into their mortgageorigination systems.

“The new mortgage disclosure forms coming in August will helpconsumers comparison shop for mortgages and avoid surprises at theclosing table,” CFPB Director Richard Cordray said. “We arereleasing this toolkit well in advance of the effective date tohelp the mortgage industry come into compliance with the newrules.”

Creditors will be required to provide the toolkit, whichreplaces an existing booklet currently being provided to consumers,to mortgage applicants as part of the application process. The CFPBencouraged real estate professionals to provide the toolkit topotential homebuyers as well. It will feature interactiveworksheets and checklists, as well as tips to help consumers findimportant information regarding the costs of the settlementprocess.

The CFPB said the toolkit would help consumers take fulladvantage of the new loan estimate and closing disclosure formsthat lenders are required to provide starting August 1. Anelectronic version with fillable text fields will be made availableso consumers can save their progress along the way. The bureauplans to release a Spanish language version later in 2015.

“This toolkit is a great resource for consumers navigating thehome-buying process, and will help consumers make well-informeddecisions about the biggest financial transaction of their life,”Cordray said.