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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.
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