Mortgage Industry Compliance & How it Protects You
“Our supervision and enforcement work is also driving cultural change that places more emphasis on legal compliance and treating customers fairly.”
For a lot of people, applying for a mortgage can be a daunting task. There is so much information out there and it can be easy to suffer from ‘information overload.’
You hear advice from friends and family, who “only want to help.” But what they say differs. You read article after article or hear news story after news story about how to get the best deal. It’s a lot to take in. Fortunately, there’s an easy way to whittle it all down.
The Consumer Finance Protection Bureau (“CFPB”) was created through the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. The CFPB is an independent agency of the U.S. government that is tasked with consumer protection in the financial sector. This protection covers a wide array of industries includingmortgage lenders. Prior to the creation of the CFPB, the various mortgage consumer protection laws were governed and enforced by a variety of agencies. The CFPB changed that. It’s basically the one stop shop for a majority of these consumer finance protection laws now.
When it comes to mortgages, the CFPB has several tools to help consumers feel more confident and knowledgeable when it comes to one of the most important financial transactions in their lives. For more information on these tools, visit http://www.consumerfinance.gov/owning-a-home/. Better yet, you can speak with a qualified Loan Advisor or submit an online inquiry.