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(a)(1) — Delivery of the special information booklet within 3 business days of application
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.
12 CFR §1024.6(a)(2) — Open-end credit plan deemed-compliance via HELOC brochure
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.
12 CFR §1024.6(d)(1) — Prohibition on unauthorized changes to the special information booklet
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).