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CFPB Issues Guidance on HUD-Approved Counselor Listing Requirements – IBA Compliance Connection

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CFPB Issues Guidance on HUD-Approved Counselor Listing Requirements

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The CFPB has issued guidance on the upcoming HOEPA changes effective January 10, 2014, which include a requirement to provide a list of HUD-approved homeownership counseling agencies for all federally-related mortgage loans. Lenders can generate lists of HUD-approved counselors in two ways: (1) by using the CFPB’s housing counseling agency website to obtain the required list ,or (2) by using data from HUD to generate the lists in-house. Those who choose the second option may direct borrowers to the CFPB’s housing counseling agency website until they have finished developing systems to generate their own lists in-house.