Description
Regulation Z, 1026.34 requires that financial institutions may not extend a high-cost mortgage to a consumer unless the creditor receives written certification that the consumer has obtained counseling on the advisability of the mortgage from a counselor that is approved to provide such counseling by the Secretary of the U.S. Department of Housing and Urban Development or, if permitted by the Secretary, by a State housing finance authority. The Certification of Homeownership Counseling Form documents that consumers have obtained counseling as required by Regulation Z. In accordance with the certification requirements in Regulation Z, 1026.34, the form provides space for the consumer and counselor’s information, space for the counselor to acknowledge that required counseling was provided, and the date of the counseling.