CFPB Issues Bulletin regarding Homeownership Counseling Requirements 

On Nov. 8, the CFPB issued Bulletin 2013-13 to provide guidance to lenders regarding the homeownership counseling list requirements that were finalized by the CFPB in the High-Cost Mortgage and Homeownership Counseling amendments to the Truth in Lending Act. As required by the revisions to these rules, credit unions are required to give applicants for federally related mortgages a written list of homeownership counseling organizations within three business days of receiving the application. The credit union can fulfill this requirement by obtaining the lists of counselors through the CFPB’s website or by generating lists independently using the same HUD data that the CFPB uses on HUD-approved counseling agencies, in accordance with the CFPB’s instructions.

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