Consumer Financial Protection Bureau - Articles

Using New Consumer Protection Rules to Keep Your Lender Honest

By Dona DeZube Tired of getting the runaround from your mortgage lender or servicer? Starting Jan. 10, 2014, you'll get consumer protections aimed at taming the worst habits mortgage lenders picked up during the mortgage foreclosure crisis. But realize that you need to follow specific procedures to make the protections... Continue Reading »

New Mortgage Rules and Foreclosure: Do They Do Enough to Help Borrowers?

By Les Christie Federal officials issued new rules for mortgage servicers Thursday aimed at protecting homeowners facing foreclosure. But consumer groups say the rules don't do enough to help prevent borrowers from unnecessarily losing their homes. Since the housing crisis began, many mortgage servicers -- which collect... Continue Reading »

Mortgage Loans: New CFPB Rule Lets Lenders Make the Call on Who Can Afford Them

By Mandi Woodruff When it comes to placing blame on mortgage lenders, regulators or consumers for 2008's crippling housing crisis, it's fair to say each played a role. Yes, banks issued millions of mortgage loans that homebuyers couldn't afford, targeted minorities for subprime loans, and made the entire lending... Continue Reading »

New Mortgage Rules Unveiled by CFPB

Federal regulators for the first time are laying out rules aimed at ensuring that mortgage borrowers can afford to repay the loans they take out. The new mortgage rules being unveiled Thursday by the Consumer Financial Protection Bureau impose a range of obligations and restrictions on lenders, including bans on the risky... Continue Reading »

New Warning on Mortgage Mods: Demand for Up-Front Fees Is a Sure Sign of a Scam

The housing market has been slowly recovering for most of the year, but the fact remains that millions of Americans are still underwater when it comes to what they owe on their mortgage versus the value of their home. As such, many may be looking for some relief, and scammers are now preying on that need. In recent weeks,... Continue Reading »

FTC and Consumer Protection Bureau Crack Down on Deceptive Mortgage Ads

By Kali Geldis The Consumer Financial Protection Bureau and the Federal Trade Commission are taking on deceptive mortgage advertising and marketing in the latest enforcement actions from the government agencies. Specifically, the two agencies worked together in a sweep of more than 800 mortgage ads to assess whether the... Continue Reading »

No-Fee Mortgage Option Is on the Way

By Jennifer Liberto NEW YORK -- Lenders would have to offer potential homebuyers an option to get mortgages with no fees, under a rule proposed by the Consumer Financial Protection Bureau. Generally, homeowners pay fees and points in exchange for lower overall interest rates on mortgage loans. "Consumers... Continue Reading »

Proposed Rules Could Help Homeowners Avoid Foreclosure 'Surprise'

By Christopher Maag A proposal from the government's consumer lending watchdog would protect homeowners from unexpected fees, poor service and costly errors caused by companies that collect their monthly mortgage payments. The new rules, proposed by the Consumer Financial Protection Bureau, also would require mortgage... Continue Reading »

Consumer Watchdog Agency Eyes Discriminatory Lending

The Consumer Financial Protection Bureau has announced its intention to crack down on discrimination by lenders against women and minorities. On Wednesday the agency -- a centerpiece of President Barack Obama's attempt to reform the nation's financial system -- sent a letter to lenders, which it called "Fair Notice on... Continue Reading »

Consumer Bureau Proposes Strict Rules for Mortgage Servicers

By Jennifer Liberto The Consumer Financial Protection Bureau announced Tuesday that it's considering new rules aimed at mortgage servicers to help protect consumers against "costly surprises." Continue Reading »

Mortgage Lender Dispute? Try Consumer Bureau's New Hotline

Now when you want to complain about your mortgage, the federal government is there to listen. Without much publicity, the Consumer Financial Protection Bureau has just launched a hotline to help resolve disputes that borrowers have with lenders. In a recent column that tipped us to the service, Kenneth R. Harney reports... Continue Reading »

Mortgage Forms to Get Easier for Consumers

The Consumer Financial Protection Bureau advanced its overhaul of annoying, incomprehensible mortgage forms on Wednesday in its first regulatory maneuver since the agency was created by last year's financial reform bill. The CFPB rolled out two prototypes for a single, streamlined form to replace two complex and... Continue Reading »

Elizabeth Warren to Tighten Mortgage Regs

Elizabeth Warren has a big job on her hands, but so far the Obama-appointed leader of the team charged with setting up the new Consumer Financial Protection Bureau (CFPB) seems up to the task. In a major early step, Warren convinced state and federal regulators to sign a memorandum of understanding (MOU) to agree to work... Continue Reading »

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