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WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is issuing rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. The rules ban certain incentives that loan originators had to sell unsafe loans to consumers in the run-up to the financial crisis. “Before the financial crisis, many mortgage borrowers were steered [...]
Rule gives consumers additional rights to information on how a home value is determined WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) adopted a new rule that requires mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates. The rule will ensure that consumers can receive information prior [...]
WASHINGTON, D.C. — Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced [...]
Rule Requires Lenders Ensure Borrowers Have the Ability to Repay Their Mortgage WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) adopted a new rule that will protect consumers from irresponsible mortgage lending by requiring lenders to ensure prospective buyers have the ability to repay their mortgage. The rule also protects borrowers from risky [...]
Bureau Enlists State Attorneys General to Provide Information on Private Student Loan Complaints WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today published close to 2,000 comments from individual consumers about their experiences in the private student loan market. These comments contain unique, detailed, and personal depictions of consumer experiences with private student loan [...]
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today is proposing a rule that would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers. This rule would clarify procedures the CFPB would use when exercising the authority granted to it by the Dodd-Frank Wall Street Reform [...]
