A look at Biden’s first week in office

This episode reviews last week’s inauguration of President Joe Biden, examining which housing issues the new administration has already taken action on.

Biden’s executive order will extend foreclosure moratorium

President Biden revealed his plan to sign 17 executive orders his first day in office, including am extension of the eviction and foreclosure moratorium to at least March 31.

How servicers continue to protect neighborhoods amid COVID

We spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual and how servicers can prepare for post-COVID success by improving processes today.

HomeBridge’s Brian White on diversity at a practical level

HomeBridge's Brian “Woody” White discusses ways to increase diversity within the housing finance industry.

Politics & MoneyMortgage

How the CFPB plans to empower homeowners

Bureau offers guides, sample letters for consumers who want to fight back

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.

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3d rendering of a row of luxury townhouses along a street

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