The Consumer Financial Protection Bureau introduced on April 10 a package of rules intended to provide more transparency and accuracy in the mortgage industry. The announcement was delivered by Consumer Financial Protection Bureau Director Richard Cordray at the Washington D.C. HOPE Financial Dignity Center.
Cordray, who was introduced by Operation HOPE’s Founder, Chairman and CEO John Hope Bryant, proposed new rules include bank simplification of monthly mortgage statements, warnings before interest rate adjustments, and increased efforts to work with homeowners who have fallen behind in their payments. Following his remarks he answered questions.
According to the New York Times, the new measures will “take aim at the industry’s aggressive tactics and sloppy record keeping that bedeviled homeowners in the aftermath of the financial crisis. The companies, typically arms of the nation’s biggest banks, collect payments and handle customer service for mortgage lenders.” You can read more about the new oversight measures here.
In attendance were Operation HOPE National Board member Stephen Ryan as well as MidAtlantic Regional Board members Catherine Neihaus, Ed Stucky, Muriel Garr representing F. Scott Wilfong.
The press event was also attended by many of the center’s mortgage counseling clients. The HOPE Mortgage HOPE Crisis Hotline is HUD approved and has received more than 147,000 calls, averages over 500 new cases each month, has counseled more than 40,000 clients and funded more than $450 million in loan modifications, since it was launched in 2007.