CFPB Proposes Modifying Mortgage Rules

CFPB Proposes Modifying Mortgage Rules -

On June 24, 2013, the Consumer Financial Protection Bureau (CFPB) proposed seven separate “clarifications” and “narrow revisions” to certain mortgage rules it first issued in January 2013. The rules are targeted at mortgage lenders; however, they have an impact on the entire real estate industry. Given that the deadline to comply with the new rules is less than six months away, it is critical for all real estate industry professionals to understand the ways these rules will impact their business.

Here’s a quick look at what the CFPB intends with its proposed changes:

1. Outline procedures for obtaining follow-up information on loss-mitigation applications...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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