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Final Interpretation Issued on Home Ownership Counseling
Monday, June 15, 2015 6:45 AM

The Consumer Financial Protection Bureau issued a final interpretive rule on how to provide mortgage applicants with a list of local home ownership counseling organizations. The interpretive rule restates guidance the CFPB issued in 2013 and provides further guidance for lenders building their own lists of housing counselors.

The rule also includes guidance on providing high-cost mortgage counseling and new instructions on:

  • How to provide applicants abroad with home ownership counseling lists;
  • Permissible geolocation tools;
  • Combining the home ownership counseling list with other disclosures;
  • Use of a consumer’s mailing address to provide the list; and
  • High-cost mortgage counseling qualifications and lender participation in such counseling.

Credit unions that want to build their own list of local counselors can refer to the CFPB’s online tool for locating counselors.