Mon, Apr 27, 2015
Washington, District Of Columbia
The Consumer Financial Protection Bureau has announced a final interpretive rule restating and expanding upon its November 2013 guidance on how to provide mortgage applicants with a list of local homeownership counseling organizations. The updated rule provides further guidance for lenders who are building their own lists of housing counselors. The rule also includes guidance on the qualifications for providing high-cost mortgage counseling and for lender participation in such counseling. Other specific additions include new instructions about:
- how to provide applicants abroad with homeownership counseling lists;
- permissible geolocation tools;
- combining the homeownership counseling list with other disclosures;
- use of a consumer's mailing address to provide the list; and
- high-cost mortgage counseling qualifications and lender participation in such counseling.
The updated rule will become effective when it's published in the Federal Register.