The 2013 final rule for the Home Ownership and Equity Protection Act requires lenders to provide mortgage applicants with a list of housing counseling agencies approved by the Department of Housing and Urban Development (HUD). A lender can fulfill the requirement by either obtaining the list through the Consumer Financial Protection Bureau’s (CFPB) website or the lender can generate lists by using data from HUD. The CFPB announced new information on March 6 that will help lenders create their own lists.
The bureau released a bulletin on Nov. 8, 2013, providing guidance to lenders regarding homeownership counseling requirements finalized in the Homeownership Counseling Amendments to RESPA and the Truth in Lending Act. The amendments were issued in January 2013 and went into effect on Jan. 10.
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