The CFPB launched a campaign on Wednesday to educate the American public about new protections under mortgage rules scheduled to take effect on Jan. 10.
“Taking on a mortgage may be the largest financial obligation of a consumer’s lifetime,” CFPB Director Richard Cordray. “We want to make sure that potential homebuyers have the information they need to make responsible decisions and that current borrowers know about their new protections.”
The new rules require mortgage lenders to determine a borrower’s ability to repay the loan before making the mortgage. The rules also implement new protections for struggling homeowners, including protections for those facing foreclosure and from unanticipated expenses.
The CFPB released a number of educational materials as part of the campaign. A guide for housing counselors details new federal protections for borrowers, and the agency provided a number of tips on new rights for consumers under every step of the mortgage process.
Other materials include consumer tools for housing counseling agencies and rule factsheets.