CFPB paves way for Consumers to Obtain Access To Mortgage Credit Quickly

The Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic.

These new steps will help institutions better serve consumers to obtain access to mortgage credit quickly, despite operational disruptions.  These steps also will reduce regulatory uncertainty and allow creditors to focus their resources on meeting consumers’ needs.  The Bureau is issuing an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules.  The Bureau is also issuing an FAQ document that addresses when creditors must provide appraisals or other written valuations to mortgage applicants in order to expedite access to credit for consumers affected by the COVID-19 pandemic. 

Read the interpretive rule addressing the TRID Rule and Regulation Z rescission rules issues.

Read the FAQ document addressing the ECOA Valuations Rule issues.