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Wednesday, April 15, 2015

CFPB Issues Guidance on Housing Counselor Requirement

The CFPB released a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations.

In addition to the guidance issued by the CFPB in 2013, the rule includes instructions about: how to provide applicants abroad with homeownership counseling lists; permissible geolocation tools; combining the homeownership counseling list with other disclosures; use of a consumer’s mailing address to provide the list; and high-cost mortgage counseling qualifications and lender participation in such counseling.

The Dodd-Frank Act requires that mortgage lenders provide applicants with a list of local housing counselors. Consumers will receive the list shortly after they apply for a mortgage. Lenders may fulfill the requirement by using CFPB-developed housing counseling lists, which are available through an online tool the Bureau created in 2013, or by generating their own lists using the same HUD data that the CFPB uses to build its lists.

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