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Thursday, January 2, 2014

ABA Seeks Assistance on Housing Counseling Disclosures

ABA and the Consumer Mortgage Coalition requested technical assistance from the CFPB and the Department of Housing and Urban Development (HUD) in supplying homeownership counseling provider lists to mortgage loan applicants. Lenders will be required under one of the mortgage rules taking effect Jan. 10 to supply potential borrowers with an up-to-date list of the 10 housing counseling organizations closest to them.

Banks of all sizes have expressed difficulties in collecting and accessing the information necessary to create these disclosures, the groups said. The groups sought to meet directly with the agencies’ technical staff to address problems with generating the lists. They also urged several potential solutions, including HUD offering a downloadable version of its counselor dataset and the CFPB providing instructions for converting the data into the lists it provides on its own site.

Read the letter.

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