The CFPB has updated its HELOC Brochure, What You Should Know About Home Equity Lines of Credit. You can download and/or order the HELOC brochure here by scrolling down to the bottom of the page (under Compliance resources and certain required disclosures).
The updates aim to make the brochure …more concise, and to improve readability and usability. New features were added to improve consumers’ understanding and to help explore and compare different plan options.
As a reminder, this brochure, as well as your application, or program, the disclosure needs to be given at the time any HELOC application form is provided to a consumer. The brochure and disclosure should be given at the time of any in-person application. For phone applications, both the brochure and disclosure must be mailed within three business days.
We recommend transitioning to the new form as soon as practical.
Published
2022/12/22
