Today, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic.
“The steps we are taking today will help consumers facing financial emergencies obtain access to mortgage credit faster,” said CFPB Director Kathleen L. Kraninger. “The pandemic is resulting in consumers facing various challenges, and our temporary and targeted solutions are intended to ensure that consumers receive the credit they need in a timely manner.”
The steps taken today will help those institutions better serve consumers to obtain access to mortgage credit quickly, despite operational disruptions. These steps also will reduce regulatory uncertainty and allow creditors to focus their resources on meeting consumers’ needs. The Bureau is issuing an interpretive rule clarifying that consumers can exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA Integrated Disclosure Rule and Regulation Z rescission rules. The Bureau is also issuing an FAQ document that addresses when creditors must provide appraisals or other written valuations to mortgage applicants in order to expedite access to credit for consumers affected by the COVID-19 pandemic.
Resources for consumers facing the impacts of the COVID-19 pandemic are available on the Bureau’s website at https://www.consumerfinance.gov/coronavirus/. The Bureau will continue to update these materials.