Search

CFPB Launches Education Campaign Ahead of New Mortgage Rules

by devteam December 20th, 2013 | Share

With new mortgage regulations due tornbe implemented in less than a month, the Consumer Financial Protection Bureau (CFPB)rnhas released a set of materials designed to educate both homebuyers andrnhomeowners about the new regulations and how they can be used to protectrnhomeowners and ease the home buying process. rnCFPB also released a manual summarizing the new regulations and designedrnto be used by housing counselors.</p

Thernmaterials, all available on the Bureau’s website,rnexplain what a Qualified Mortgage is, why the category was designed, what itrndoes for consumers, and how to find one in the mortgage market.  Consumer rights under new rules effectingrnmortgage servicers are also explained, as are ways to gather information aboutrnan existing loan and to get help if the rules are violated.</p

Thernmaterials are in several formats:</p

Factsheets: There is a two-page factsheet withrnan overview of all of the new consumerrnprotections in the Bureau’s mortgage rules. rnIt explains what a WM mortgage is and why it protects the borrowerrnincluding an explanation of its protections against steering and highrnfees.  It also lays out the consumerrnprotections afforded borrowers under new servicing rules and explains how tornfile a complaint with CFPB for any violations of the rules.  Arnsecond factsheet is a summary of the new procedures to facilitate borrower’srnaccess to foreclosure avoidance options. </p

Tips:  There are separate tip sheets homebuyers lookingrnfor a mortgage, for homeowners on how to get the most out of their mortgage,rnand one for troubled homeowners facing foreclosure. </p

Tools:  CFPBrnalso has added questions and answers about the regulations to its interactive AskCFPBrnwebsite tool and reminds consumers that its website also offers tools to findrnlocal housing counseling agencies to answer their questions or address theirrnconcerns. Consumers that have an issue with consumer financial products orrnservices, such as a mortgage, can also submit a complaint on the site. </p

“Taking on a mortgage may be the largest financialrnobligation of a consumer’s lifetime,” said CFPB Director Richard Cordray. “Wernwant to make sure that potential homebuyers have the information they need tornmake responsible decisions and that current borrowers know about their newrnprotections.”</p

 ThernBureau says it is working with industry, housing counselors, and consumerrngroups to promote a smooth implementation of the new rules.  Most of the rules, including the new QualifiedrnMortgage regulation, go into effect on January 14.

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

See all blogs
Share

Comments

Leave a Comment

Leave a Reply

Latest Articles

Real Estate Investors Skip Paying Loans While Raising Billions

By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

Late-Stage Delinquencies are Surging

Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

Published by the Federal Reserve Bank of San Francisco

It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...