WASHINGTON (11/12/13)--The Consumer Financial Protection Bureau on Friday released a new tool to help consumers access advice on buying a home, renting, defaults, foreclosures, and credit issues through local housing counselors.
"Consumers need and deserve the best guidance when making the decision to purchase a home," CFPB Director Richard Cordray said. "Buying a home may easily be the largest investment a consumer makes, and we want to make it easier for them to find a housing counselor that is a good fit for them," he added.
The housing counselor locator:
- Shows consumers the 10 closest U.S. Department of Housing and Urban Development-approved counselors near their zip code;
- Tells consumers which services a give counselor provides, such as rental housing counseling, pre-purchase counseling, or default resolution counseling; and
- Lists the languages offered by each counselor.
Pending mortgage regulations require lenders to provide borrowers with a list of homeownership counseling organizations. The CFPB on Friday said lenders that have not developed their own lists by Jan. 10 can provide borrowers with a link to the agency's new mortgage counselor tool.
"If lenders take these steps in good faith while building their systems or are working with vendors to build systems, the CFPB would not raise supervisory or enforcement concerns," the bureau said in a release.
The CFPB also provided an interpretive rule to guide lenders that are building their own mortgage counselor list.
For the CFPB release, use the resource link.