Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CFPB Issues Clarifications, 'Narrow' Changes To Mortgage Rules
WASHINGTON (6/25/13)--The Consumer Financial Protection Bureau (CFPB) promised future clarifications, if needed, when it issued its January 2013 mortgage rules and on Monday the agency delivered just that.  The CFPB said its proposed clarifications and "narrow revisions" are intended to "ease implementation and pave the way for more effective consumer protections in the marketplace."

Among other things, the proposal amends and provides clarification on six major topics. These include: 

  • Facilitating the ability of servicers to offer short-term forbearance plans;
  • Addressing the process for correcting errors or mistakes that may occur when servicers perform initial completeness evaluations of loss mitigation applications, but later discover the application was incomplete;
  • Clarifying the definition of a loan originator;
  • Facilitating lending by small creditors, including those in rural or underserved areas;
  • Clarifying application of the prohibition on creditors financing credit insurance premiums; and
  • Adjusting effective dates of several provisions of the loan originator rule.
The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

Interested parties have only until July 22 to comment on the proposed clarifications.  Use the resource link to read the CFPB's lengthy proposal.
Other Resources

CFPB Rule
RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
15 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
17 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
17 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
18 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
18 hours ago