The Consumer Financial Protection Bureau has published a notice announcing they have updated their brochure entitled What You Should Know About Home Equity Lines of Credit. We have updated our Cx9925 to match their updated brochure, with slight formatting changes made to align with our printing capabilities.
The brochure has been updated so that it “aligns with the Bureau’s educational efforts, to be more concise, and to improve readability and usability. New features include clear instructions on how consumers can use the pamphlet to explore their options, and a comparison table with examples of loans that utilize home equity and other sources of financing consumer might consider, including closed-end credit. To encourage consumers to understand the terms of their HELOC and to shop for the most advantageous offer, the booklet expands the tables for consumers to compare three estimates. The design of the HELOC booklet has a look and feel similar to ‘‘Your Home Loan Toolkit: A Step-By-Step Guide,’’ and the ‘‘Consumer Handbook on Adjustable-Rate Mortgages,’’ other consumer disclosures that the Bureau is responsible for producing.”
This brochure will be available to print once the new version goes live and will be available as a printed booklet in our fulfillment center. We are currently looking into ordering updated copies of the pamphlet for the fulfillment center. Until that time comes, we will continue using our backstock of the previous pamphlet, as the published notice allows for “a suitable substitute”.
These changes will be in effect on Production on January 10, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.