WASHINGTON (12/23/13)--The Credit Union National Association has encouraged credit unions to review mortgage rule resources released by the Consumer Financial Protection Bureau last week to become familiar with the resources that are now available to consumers.
"To the extent credit union members review and utilize this information, it will be beneficial for credit union mortgage lending staff to be aware of the contents of these documents to better assist members and manage the mortgage lending process effectively," CUNA Associate General Counsel Jared Ihrig said.
The CFPB said the documents were released to ensure that "potential homebuyers have the information they need to make responsible decisions and that current borrowers know about their new protections." The materials released include:
- A quick reference guide to help housing counselors understand new federal protections so that borrowers can pursue all possible options before beginning the foreclosure process;
- Tips on new rights under the new rules for homebuyers and homeowners at every stage of the mortgage process, and recommendations for troubled borrowers facing foreclosure;
- A list of frequently asked mortgage-related questions;
- A tool to help consumers find local housing counseling agencies to answer their questions or address their concerns; and
- Factsheets with an overview of all of the new consumer protections in the CFPB's mortgage rules.
CUNA has been in discussions with the CFPB throughout the development of the rules, and expects 2014 to hold even more changes in the mortgage lending regulatory arena, Ihrig added.