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Bureau ramps up mortgage rule consumer education campaign
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Consumer Protection
Wednesday, January 8, 2014
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The Consumer Financial Protection Bureau (CFPB) is working to ensure that borrowers understand their rights under sweeping new mortgage rules that take effect on Friday. CFPB Director Richard Cordray told the National Association of Realtors the agency’s new ability-to-repay rule will usher in a “back-to-basics” approach to mortgage lending that will help consumers avoid costly debt traps. Other rules are intended to limit mortgage servicing surprises.
Cordray urged association members to spread the word about the CFPB’s consumer complaint function and education resources. He also said some myths have arisen regarding the bureau’s rules, and he took the opportunity to address them.
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