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Washington
CFPB Readies Consumers, Servicers for New Mortgage Regs
WASHINGTON (1/8/14)--As the Jan. 10 effective date for new mortgage regulations approaches, the Consumer Financial Protection Bureau continues to release resources to prepare consumers and servicers alike for the regulatory changes.

New resources include sample letters and a fact sheet that takes on some of the myths surrounding the new Ability-to-Repay and Qualified Mortgage regulations.

The sample letters can be used to help consumers find solutions to various problems with their mortgage servicers, the CFPB said. The CFPB has provided:
  • A letter template that details what information consumers should include as they attempt to correct a servicer error; and
  • A letter template consumers can use if they need information from their mortgage servicer.
Separately, a brief CFPB document has also been released to help dispel some of the most common misconceptions about what the new Ability-to-Repay and Qualified Mortgage rule means for consumers.

So-called "fictions" that are addressed in the document include:
  • The belief that the CFPB's Ability-to-Repay Rule will cut off consumers' access to credit by requiring all loans to be QMs;
  • The claim that the financial institutions aren't going to make any loans that are not QMs; and
  • The rumor that the new rule requires 20% or 30% down payments for new mortgages, which will price many borrowers out of the market.
Mortgage tips, a list of frequently asked questions and related answers, a tool to help consumers find local housing counseling agencies, and fact sheets on the new mortgage rules are also still available, the CFPB said.

For the CFPB resources, use the links.
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