The Consumer Financial Protection Bureau has released resources intended to help consumers understand and utilize the protections of the new mortgage rules taking effect this January. The resources include:
- A fact vs. fiction guide on the Ability-to-Repay and Qualified Mortgage Rule, which also addresses whether lenders had enough time to implement the new rules.
- Sample letters that a consumer can use to send information or error correction requests to servicers.
- Tips for homebuyers, help for homeowners, recommendations for handling foreclosure, links for mortgage complaints, and FAQs and factsheets on the new mortgage rules.
Read the fact vs. fiction guide: http://files.consumerfinance.gov/f/201312_cfpb_mortgage-rules_fact-vs-fiction.pdf
View the consumer resources: http://www.consumerfinance.gov/mortgage/#homeowners