12 CFR §1024.6 — Special information booklet at time of loan application
Regulation X §1024.6 implements RESPA §2604(d). It requires [LENDER] (or, if a mortgage broker is involved, the mortgage broker) to deliver or mail the CFPB-prescribed Special Information Booklet ("Your Home Loan Toolkit") to every applicant for a federally related mortgage loan not later than three business days after the application is received or prepared, unless the lender denies the application before the end of that 3-business-day period. For HELOC applications, delivery of the Bureau's "When Your Home is On the Line" brochure (or its successor) is deemed compliant. Refinancings, closed-end subordinate-lien loans, reverse mortgages, and federally related mortgage loans whose purpose is not the purchase of a 1-to-4-family residential property are exempt. The section also prohibits unauthorized changes to, deletions from, or additions to the booklet and constrains how the booklet may be reproduced.
Verbatim regulatory text
Verbatim provisions from 12 CFR §1024.6 — Special information booklet at time of loan application — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1024.6 — Special information boo
(a) Lender to provide special information booklet. Subject to the exceptions set forth in this paragraph, the lender shall provide a copy of the special information booklet to a person from whom the lender receives, or for whom the lender prepares, a written application for a federally related mortgage loan . When two or more persons apply together for a loan, the lender is in compliance if the lender provides a copy of the booklet to one of the persons applying. (1) The lender shall provide the special information booklet by delivering it or placing it in the mail to the applicant not later than three business days (as that term is defined in § 1024.2 ) after the application is received or prepared. However, if the lender denies the borrower's application for credit before the end of the three-business-day period, then the lender need not provide the booklet to the borrower. If a borrower uses a mortgage broker , the mortgage broker shall distribute the special information booklet and the lender need not do so. The intent of this provision is that the applicant receive the special information booklet at the earliest possible date. (2) In the case of a federally related mortgage loan involving an open-ended credit plan, as defined in Regulation Z , 12 CFR 1026.2 (a)(20), a lender or mortgage broker that provides the borrower 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 Bureau , is deemed to be in compliance with this section. (3) In the categories of transactions set forth at the end of this paragraph, the lender or mortgage broker does not have to provide the booklet to the borrower. Under the authority of section 19(a) of RESPA ( 12 U.S.C. 2617(a) ), the Bureau may issue a revised or separate special information booklet that deals with these transactions, or the Bureau may choose to endorse the forms or booklets of other Federal agencies. In such an event, the requirements for delivery by lenders and the availability of the booklet or alternate materials for these transactions will be set forth in a Notice in the Federal Register. This paragraph shall apply to the following transactions:
12 CFR §1024.6 — Special information boo
(i) Refinancing transactions; (ii) Closed-end loans, as defined in 12 CFR 1026.2 (a)(10) of Regulation Z , when the lender takes a subordinate lien; (iii) Reverse mortgages; and (iv) Any other federally related mortgage loan whose purpose is not the purchase of a 1- to 4-family residential property.
12 CFR §1024.6 — Special information boo
(b) Revision. The Bureau may from time to time revise the special information booklet , publishing a notice in the Federal Register.
12 CFR §1024.6 — Special information boo
(c) Reproduction. The special information booklet may be reproduced in any form, provided that no change is made other than as provided under paragraph (d) of this section. The special information booklet may not be made a part of a larger document for purposes of distribution under RESPA and this section. Any color, size and quality of paper, type of print, and method of reproduction may be used so long as the booklet is clearly legible.
12 CFR §1024.6 — Special information boo
(d) Permissible changes. (1) No changes to, deletions from, or additions to the special information booklet currently prescribed by the Bureau shall be made other than the permissible changes specified in paragraphs (d)(2) and (3) of this section or changes as otherwise approved in writing by the Bureau in accordance with the procedures described in this paragraph (d). A request to the Bureau for approval of any changes other than the permissible changes specified in paragraphs (d)(2) and (3) of this section shall be submitted in writing to the address indicated in the definition of Public Guidance Documents in § 1024.2 , stating the reasons why the applicant believes such changes, deletions, or additions are necessary. (2) The cover of the booklet may be in any form and may contain any drawings, pictures, or artwork, provided that the words “settlement costs” are used in the title. Names, addresses and telephone numbers of the lender or others and similar information may appear on the cover, but no discussion of the matters covered in the booklet shall appear on the cover. (3) The special information booklet may be translated into languages other than English. [ 76 FR 78981 , Dec. 20, 2011, as amended at 81 FR 72370 , Oct. 19, 2016] CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel Table of Authorities Accessibility About LII Contact us Advertise here Help Terms of use Privacy
Operationalizing 12 CFR §1024.6 — Special information booklet at time of loan application
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