Consumer Financial Protection Bureau’s Post

Is the government getting ready for a Financial crash? Published today: CFPB proposes rules to help homeowners avoid foreclosure The CFPB today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a homeowner asks for help. The proposed changes would also make it simpler for servicers to offer assistance by reducing paperwork requirements, improve communication with borrowers, and ensure critical information is provided in languages borrowers understand. Here is the link: https://lnkd.in/gCuhZwUU #forclosures #cfpb #mortages #hoemowners #financialsecurity #bailout #consumerfinance #consumerprotection #consumers #financialcrash #forclosure #economy #homes

Consumers should have every opportunity to put their best financial foot forward in today’s housing market. Preserving the tri-merge credit report can help. In fact, in a report earlier this year, TransUnion found that moving to a bi-merge (using only two credit reports in the mortgage underwriting process) could result in two million consumers becoming ineligible for a mortgage from the government-sponsored enterprises (GSEs). We shared those insights and more with The Hill, a prominent news outlet in Washington, D.C., to show how federal regulators can better position consumers for success. Read more at The Hill: http://transu.co/6048R3W3I

FHA's Payment Supplement program provides a solution that doesn't change the terms of the first mortgage. Our recent blog provides details on this solution, along with potential pitfalls that could impact your implementation of this program as well as future loss mitigation options. Be prepared to help your distressed borrowers navigate economic volatility and avoid default. https://bit.ly/3VwHEbB

Discover the latest insights from the Spring 2024 Supervisory Highlights report by the CFPB in Jonathan Kolodziej and Jason Bushby's post on the Financial Services Perspectives blog. Learn more about the new obligations for mortgage servicers here: [https://bit.ly/3y4haq3]

Imagine a payment supplement program that does not alter first mortgage terms. HUD's recently announced payment supplement program to assist FHA borrowers does just that! Instead, the qualifying borrower is able to access Partial Claim monies to temporarily cover part of their mortgage payment. Read our latest blog for details on this new program and suggestions on innovating your approach to servicing operations that prepare your organization for a successful implementation. https://bit.ly/45BJLji

Conventional wisdom says it’s best to make a 20 percent down payment when you buy your home. While this can help you in several ways, including locking in better interest rates and lower your monthly payment, you should consider your individual financial situation and what’s best for you, writes KeyBank Mortgage Loan Officer Courtney Gauthier. #IAmKey

Discover the latest insights from the CFPB's Supervisory Highlights, Mortgage Servicing Edition. Dive into Christian Hancock and Robert Maddox, CMB, CFE's latest post on the Financial Services Perspectives blog to stay learn more about agency priorities. [https://bit.ly/49VAoeB]

Conventional wisdom says it’s best to make a 20 percent down payment when you buy your home. While this can help you in several ways, including locking in better interest rates and lower your monthly payment, you should consider your individual financial situation and what’s best for you, writes KeyBank Mortgage Loan Officer Courtney Gauthier. #IAmKey

Don’t let interest rates delay your dreams of homeownership. With the Preferred Rate Buy-Fi program, when you purchase a home before March 31, 2024, with Preferred Rate as your lender, we’ll let you refinance until December 31, 2024, and waive all lender fees. https://bit.ly/41W1rDO #preferredrate #homeownership #homesweethome #mortgage #mortgageadvisor #creatingexperiencesthatmatter