January 8th, 2014 | by Jason Oliva Published in Reverse Mortgage
New resources launched Tuesday by the Consumer Financial Protection Bureau (CFPB) will allow consumers additional guidance in contacting their mortgage servicers regarding upcoming mortgage rules set to take effect this month.
With the CFPB’s Qualified Mortgage Rule and Ability-to-Repay requirements scheduled for an effective date of January 10, the resources are part of the agency’s campaign to educate the public about the new protections and guidelines provided by the new mortgage rules.
Templates of sample letters will allow consumers to find solutions to various problems with their mortgage servicers, according to the CFPB.
The letters address topics such as requesting that a servicer correct errors, along with requesting information from a servicer.
Instructions for the templates describe what information to include in a letter to a mortgage servicer, how to identify the error, examples of information requests, as well as other tips.
The letter templates tell consumers what to expect from their servicer and provide a general idea of the timeline of events once the letter is sent.
CFPB is also providing a number of different tips on new rights under the rules for homebuyers and homeowners at every stage of the mortgage process, from taking out a loan to paying it back. These times also include recommendations for troubled borrowers facing foreclosure.
Tools to assist homeowners in locating a local housing counseling agency and other fact sheets of the upcoming mortgage rules are included as part of the CFPB’s new consumer resources, too.
Print copies of the mortgage materials will be available for order in seven languages, including Spanish, Tagalog, traditional Chinese, Haitian Creole, French, Korean and Vietnamese, whereas English versions of the materials may be found on the CFPB website.
“Taking out a mortgage to buy a home is one of the biggest decisions a consumer can make,” said CFPB Director Richard Cordray. “We want to make sure that people are aware of their new protections so they have the knowledge to make sound decisions about their financial futures.”
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