WASHINGTON (6/25/13)--The Consumer Financial Protection Bureau (CFPB) promised future clarifications, if needed, when it issued its January 2013 mortgage rules and on Monday the agency delivered just that. The CFPB said its proposed clarifications and "narrow revisions" are intended to "ease implementation and pave the way for more effective consumer protections in the marketplace."
Among other things, the proposal amends and provides clarification on six major topics. These include:
The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.
Interested parties have only until July 22 to comment on the proposed clarifications. Use the resource link to read the CFPB's lengthy proposal.