Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB Releases Housing Counselor Tool For Consumers
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.
Other Resources

CFPB Release
RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
19 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
15 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
15 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
16 hours ago