March 3, 2014
LAS VEGAS – Nevada Attorney General Catherine Cortez Masto and the Bureau of Consumer Protection encourage consumers to learn more about the new mortgage lending rules that took effect January 1, 2014.
“It is important for consumers to stay informed and up to date about mortgage lending practices,” said Masto.
The Federal Consumer Financial Protection Bureau (CFPB) regulations provide new rights and greater protections for homeowners and consumers who are seeking a home mortgage. These rules improve mortgage lending requirements and help people better understand the lending process.
The new rules include increased responsibility for lenders in approving Qualified Mortgages, or loans for which borrowers who qualify are presumed to be able to repay; new crediting and reporting requirements for payments and monthly statements; new early notice requirements for interest rate changes; and new restrictions for mortgage servicers in initiating foreclosures. More information about the CFPB and its new rules is available at http://consumerfinance.gov.
Congress created the CFPB to ensure that financial markets work for consumers. To this end, CFPB writes rules for mortgages and other consumer financial products. The Bureau also supervises financial institutions and enforces the new mortgage rules.
The CFPB accepts complaints about mortgages, which it then forwards to the company involved and works toward a response. Consumers with complaints are encouraged to contact the CFPB at (855) 411-2372 or online at http://consumerfinance.gov/.
The Attorney General’s Office continues to work with local non-profit housing counseling agencies as part of its ongoing commitment to provide Nevadans with up-to-date financial assistance services through the Home Again Homeowner Relief Program.
The Home Again Program was created by Nevada Attorney General Catherine Cortez Masto to assist Nevadans experiencing housing and financial difficulties as a result of the economic crisis. Home Again is a one-stop shop for information, providing consumers with information and assistance free of cost. More information about the Home Again Program is available by phone at 1 (866) 457-4638 or online at www.HomeAgainNevada.gov.
To ensure that Home Again counselors are fully informed about the new mortgage rules, the non-profit in charge of administering Home Again, Financial Guidance Center, in partnership with the CFPB, will host a training session for the Home Again HUD Home Counseling Agency Consortium on Tuesday, March 4, 2014.
More information about Home Again can be found at www.HomeAgainNevada.gov.
To learn how to file a written complaint with the Nevada Attorney General’s Office, visit our website: http://ag.state.nv.us.
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