The CFPB published guidance on November 8 (CFPB Bulletin No. 2013-13) that explains how lenders should provide home mortgage loan applicants with a list of local homeownership counseling organizations. The CFPB’s final rule under the Home Ownership and Equity Protection Act (“HOEPA”) issued earlier this year implemented a requirement of the Dodd-Frank Act that lenders provide consumers with a list of homeownership counseling organizations.

Nutter Notes: Under the CFPB’s final HOEPA rule, which becomes effective early next year, a lender will be required to provide a list of counselors shortly after receiving a mortgage loan application in connection with a federally-related mortgage loan. According to the guidance, a lender may fulfill that requirement by using the CFPB-developed housing counseling lists, which are available through today’s tool, or by generating its own lists using the same HUD data that the CFPB uses to build its lists.