The newest Dodd-Frank Operate developed the User Monetary Security Bureau (CFPB) and you can tasked it that have you to work: to safeguard group when making economic behavior. The original-actually independent user watchdog, the latest CFPB protects middle class families through they safe and you may easier to submit an application for a home loan and you can be aware that it is sustainable. To this end, new CFPB did the following:

Requisite lenders to test an excellent borrower's ability to pay back the loan, so homeownership can once again help families build long-term wealth.

Created guidelines to be sure consumers learn the latest fund and receive timely and useful information about their monthly payments and any upcoming changes to their loan loan places Camp Hill.

Oriented a consumer assist hotline that has already addressed more than 175,000 complaints and helps keep CFPB informed of new problems facing families so it can better address new challenges.