The Consumer Financial Protection Bureau is living up to its name and putting consumers first, as the bureau rolls out tools to help borrowers hold financial firms accountable.
So what does this mean for big banks and servicers, or any firm working on a homeowner’s mortgage loan? It means "be careful." The age of oversight officially begins with the launch of the CFPB mortgage rules on Friday.
The CFPB intends to make homeowners more empowered to fight back. Just this week, the bureau announced a series of materials – from sample letters to new mortgage rule guides. All of those materials aim to educate borrowers on when a bank has violated a key mortgage provision and how to resolve those errors.
The sample letters include a template for requesting corrections when a servicer makes an error, and a letter to use when requesting specific information.
The CFPB website also directs homeowners to local housing counselors and offers a series of factsheets that cover new mortgage protections.
An entire reference guide is now available on the bureau's website to help consumers.