On April 15 the Consumer Financial Protection Bureau (CFPB) approved an interpretative rule on Homeownership Counseling. The rule addresses: How to provide mortgage applicants with a list of local homeownership counseling organizations; Restates guidance the CFPB issued in 2013, and provides further guidance for lenders who are building their own lists of housing counselors; and The qualifications for providing high-cost mortgage counseling and for lender participation in such counseling. Key points of clarification include: In […]
Category: Homeownership Counseling
HOMEOWNERSHIP COUNSELING POLL
HOMEOWNERSHIP COUNSELING POLL Compliance Masters Group July 18, 2014 A recent poll of our Compliance Master Group members centered on the issue of homeownership counseling rules. There were no huge surprises. We got a lot of confirmation of what we expected to see: Providing the list of counseling organizations is not a significant burden; The potential burden on consumers is high, but unrealized, since most of our members have few, if any, transactions subject […]