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 Instructs Lenders On Providing Housing Counseling Lists
WASHINGTON (11/13/14)--The Consumer Financial Protection Bureau (CFPB) recently released an interpretive rule that provides instructions for generating lists of housing counseling agencies.
 
Credit unions and other lenders can use a CFPB-generated consumer list tool to meet 2013 HOEPA requirements that lenders provide mortgage borrowers with a written list of housing counseling agencies approved by the U.S. Department of Housing and Urban Development. There is a Jan. 10, 2014 effective date for generating housing counseling lists for those using the CFPB tool.
 
The CFPB launched the online list to help consumers find local housing counseling agencies. The tool uses a search box and mapping function to show borrowers the ten closest counseling agencies to their zip code. When counselors are listed, the tool shows the borrower which type of services are available from pre-purchase counseling to default resolution counseling, as well as the languages, other than English, each agency offers.
 
As an alternative to using the CFPB list tool, lenders can comply with the counseling rule by generating their own lists using the same HUD data that CFPB uses--as long as the data is used in accordance with the instructions provided with the data. The CFPB is allowing for an interim procedure for lenders choosing to generate their own lists and who will not be ready by the Jan. 10 effective date.
 
Use the resource link for more on the counseling rule.
RSS





print
News Now LiveWire
.@TheNCUA's J. Mark McWatters reflects on his first #CUNAGAC in this month's NCUA report. http://t.co/M5AFC9J9QL
47 minutes ago
.@symantec : 59% of compromised info linked to retailer breaches #NewsNow http://t.co/7pvCs6S6xJ
1 hour ago
.@CUNA's Ryan Donovan discusses House and Senate activities CUNA will be following this week. https://t.co/CVZimYWrc5
1 hour ago
.@Bankrate breaks down 5 top fee-fighting #creditunions http://t.co/MNyj3uWeVs
2 hours ago
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
17 hours ago