CFPB Releases New Consumer Resources to Better Handle Rule Changes

January 7, 2014
National Mortgage Professional  
mortgage lending news

The Consumer Financial Protection Bureau has made more resources available to consumers related to the new protections afforded by its mortgage rules. The educational materials include sample letters that consumers can send to their mortgage servicers to request information or to correct an error.

The CFPB is also providing tips on the new rights under the rules for home buyers and homeowners at every stage of the mortgage process and is answering mortgage-related questions through AskCFPB. The mortgage rules, effective Jan. 10, 2014, require lenders to consider borrowers' ability to repay a mortgage before signing them up and also provides stronger protections for struggling homeowners, including those facing foreclosure. The CFPB is working with industry, housing counselors, and consumer groups to help ensure smooth implementation of the rules.

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