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Tuesday, November 12, 2013

CFPB Offers Online Database of Housing Counselors

The CFPB released an online tool to help consumers find housing counselors near them. The tool complements the CFPB’s requirement in its mortgage servicing rule that lenders provide a list — shortly after a borrower applies for a mortgage — of nearby housing counselors.

Lenders can fulfill this requirement by using the CFPB’s tool or by generating their own list from HUD’s underlying data. The database shows customers the ten closest HUD-approved counselors to them, as well as showing the services and languages they offer.

”The Bureau recognizes that lenders may be unable to provide the lists in time for the rule’s January 10, 2014 effective date,” the CFPB said. “In those situations, today’s bulletin suggests that lenders consider directing borrowers to the CFPB’s new tool. If lenders take these steps in good faith while building their systems or are working with vendors to build systems, the CFPB would not raise supervisory or enforcement concerns.”

Read more.

View the online tool.

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