{"id":37941,"date":"2023-03-13T02:46:18","date_gmt":"2023-03-13T06:46:18","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-finalizes-modifications-to-mortgage-rules\/"},"modified":"2023-03-13T02:46:18","modified_gmt":"2023-03-13T06:46:18","slug":"cfpb-finalizes-modifications-to-mortgage-rules","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/cfpb-finalizes-modifications-to-mortgage-rules\/","title":{"rendered":"CFPB Finalizes Modifications to Mortgage Rules"},"content":{"rendered":"
Changes Resolve Implementation Issues and Clear the Way for Better Consumer Protections<\/strong><\/em><\/p>\n WASHINGTON, D.C.<\/strong> \u2014 Today the Consumer Financial Protection Bureau (CFPB) finalized amendments and clarifications to its January 2013 mortgage rules in order to help industry comply and to better protect consumers. The changes made today answer questions that have been identified during the implementation process.<\/p>\n \u201cOur mortgage rules were designed to eliminate irresponsible practices and foster a thriving, more sustainable marketplace,\u201d said CFPB Director Richard Cordray. \u201cToday\u2019s rule amends and clarifies parts of our mortgage rules to ensure a smoother implementation process, which is helpful to both businesses and consumers.\u201d<\/p>\n The CFPB finalized several mortgage rules in January 2013. Among these rules, the Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders generally make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules establish strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans. <\/p>\n On June 24, 2013, the Bureau proposed several amendments and clarifications to the mortgage rules that are being adopted by today\u2019s final rule. Today\u2019s final rule is intended to clarify interpretive issues and facilitate compliance. Among other things, today\u2019s modifications:<\/p>\n The CFPB is committed to assisting with the mortgage industry\u2019s compliance with the new consumer protections. Throughout 2013, the CFPB has been working with industry to ensure a smooth transition. In addition to clarifying critical questions about the new mortgage rules, the Bureau has also published plain-language guides for each rule and interim examination procedures. The CFPB also plans to educate the public about their protections under the rules. <\/p>\n The Bureau has published a Regulatory Implementation website, which consolidates all of the new 2013 mortgage rules and related implementation materials, and can be found here: https:\/\/www.consumerfinance.gov\/regulatory-implementation<\/a><\/p>\n A copy of today\u2019s final rule will be available after 3 p.m. here: https:\/\/files.consumerfinance.gov\/f\/201309_cfpb_titlexiv_updates.pdf<\/span> \n
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