The Consumer Financial Protection Bureau (CFPB) recently launched a tool to help people find local housing counseling agencies, including those that offer reverse mortgage counseling. The resource was released ahead of the January 2014 effective dates for the bureau’s new mortgage rules.
Under the Dodd-Frank Act, lenders must provide consumers with a list of homeownership counseling organizations. The agency also published guidance for how lenders can provide mortgage applicants with such a list. “Buying a home may easily be the largest investment a consumer makes, and we want to make it easier for them to find a housing counselor that is a good fit for them,” said CFPB director Richard Cordray in a statement. The new tool uses a search box and mapping function to identify 10 counseling agencies closest to a customer's zip code. It also provides contact information for counselors approved by the Department of Housing and Urban Development and displays each service offered by the agencies.