CFPB launches campaign to empower consumers
Rule guide created just for housing counselors
The Consumer Financial Protection Bureau is drilling down and taking its fight against mortgage servicing and lending issues directly to housing counselors and consumers.
The bureau just launched a campaign to educate the public about some of the new lending and servicing protections offered to them under the assortment of regulations taking effect on Jan. 10.
For the past two years, the bureau has been educating the mortgage industry on what to expect when the rules are released, but today, the bureau is shifting its strategy and trying to inform borrowers who may have complaints of their own. The new data also caters to housing counselors who may be on the frontlines, looking for violations.
"Taking on a mortgage may be the largest financial obligation of a consumer’s lifetime," said CFPB Director Richard Cordray. "We want to make sure that potential homebuyers have the information they need to make responsible decisions and that current borrowers know about their new protections."
The bureau specifically created a guide for housing counselors, giving them a comprehensive view of all federal protections to ensure borrowers receive every possible assistance measure before a foreclosure process is launched.
The CFPB also created a list of tips for homebuyers and homeowners advising them of their rights at every stage of the mortgage process, including those dealing with foreclosures.
The bureau also introduced a website tool to help consumers find local housing counselors to assist them with their questions.