New Rules For Housing ‘Counseling Guidelines’

The Consumer Financial Protection Bureau issued guidance on how to provide mortgage applicants with a list of local home ownership counseling organizations. The new guidelines, which overwrite ones originally issued in 2013, offer guidance to lenders on how to provide applicants abroad with home ownership counseling lists; permissible geolocation tools; disclosures; and high-cost mortgage counseling qualifications.

“Buying a home is often the largest financial decision in a consumer’s lifetime, and we want to ensure that consumers can access the independent and informed advice they deserve before making that decision,” says CFPB Director Richard Cordray. “Housing counselors are a crucial source of that helpful advice. We will continue to work to improve the home-buying experience for customers, and today’s interpretive rule will help industry comply with these important protections.”  Your comments?

View CFPB’s full interpretive rule issued at the agency’s website.

Source: Consumer Financial Protection Bureau