New mortgage rules go into effect on Jan. 10 that will help consumers as they sign up for and maintain their mortgages.
To help consumers benefit from the new protections in the mortgage rules, new resources are available from the Consumer Financial Protection Bureau.
The materials include sample letters that consumers can send to their mortgage servicers.
“Taking out a mortgage to buy a home is one of the biggest decisions a consumer can make,” Richard Cordray, bureau director, said. “We want to make sure that people are aware of their new protections so they have the knowledge to make sound decisions about their financial futures.”
The mortgage rules require that mortgage lenders evaluate whether borrowers can afford to pay back the mortgage before signing them up. The rules also establish protections for struggling homeowners, including those facing foreclosure. Under the rules, mortgage borrowers will be protected from costly surprises and runarounds by their servicers.
The materials include:
- Request that a servicer correct errors: Use this sample letter if you think your servicer has made an error.
- Request information from a servicer: Use this sample letter if you need information from your mortgage servicer.
Find tips on new rights under the new rules for homebuyers and homeowners at every stage of the mortgage process – from taking out a loan to paying it back. The tips also include recommendations for troubled borrowers facing foreclosure.
Answers to consumer question
Find answers to mortgage-related questions through AskCFPB, an online feature designed to answer most frequently asked questions.
Factsheets on the rules