12 CFR §1024.20 — List of homeownership counseling organizations
Regulation X §1024.20 implements RESPA §2604(c) and Dodd-Frank §1450. Requires [LENDER] to provide every loan applicant with a clear and conspicuous written list of HUD-certified homeownership counseling organizations in the applicant's location not later than three business days after the lender, mortgage broker, or dealer receives an application (or information sufficient to complete an application). The list must be obtained no earlier than 30 days prior to delivery from either the Bureau's website tool or Bureau/HUD-released data. Exemptions: reverse mortgages subject to 12 CFR 1026.33(a) and timeshare-secured loans. The duty may be discharged by the mortgage broker or dealer if they elect to do so, but [LENDER] remains responsible for ensuring the list is delivered.
Verbatim regulatory text
Verbatim provisions from 12 CFR §1024.20 — List of homeownership counseling organizations — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1024.20 — List of homeownership
CHAPTER X—CONSUMER FINANCIAL PROTECTION BUREAU > PART 1024—REAL ESTATE SETTLEMENT PROCEDURES ACT (REGULATION X) > Subpart B—Mortgage Settlement and Escrow Accounts > § 1024.20 List of homeownership counseling organizations." /> 12 CFR § 1024.20 - List of homeownership counseling organizations. | Electronic Code of Federal Regulations (e-CFR) | US Law | LII / Legal Information Institute Please help us improve our site! × No thank you Skip to main content Cornell Law School Search Cornell Toggle navigation Please help us improve our site! Support Us! Search About LII Who We Are What We Do Who Pays For This Contact Us Get the law Constitution Supreme Court U.S. Code CFR Federal Rules Federal Rules of Appellate Procedure Federal Rules of Civil Procedure Federal Rules of Criminal Procedure Federal Rules of Evidence Federal Rules of Bankruptcy Procedure U.C.C. Law by jurisdiction State law Uniform laws Federal law World law Lawyer directory Legal encyclopedia Business law Constitutional law Criminal law Family law Employment law Money and Finances More... Help out Give Sponsor Advertise Create Promote Join Lawyer Directory LII Electronic Code of Federal Regulations (e-CFR) Title 12—Banks and Banking CHAPTER X—CONSUMER FINANCIAL PROTECTION BUREAU PART 1024—REAL ESTATE SETTLEMENT PROCEDURES ACT (REGULATION X) Subpart B—Mortgage Settlement and Escrow Accounts § 1024.20 List of homeownership counseling organizations. 12 CFR § 1024.20 - List of homeownership counseling organizations. CFR Table of Popular Names § 1024.20 List of homeownership counseling organizations.
12 CFR §1024.20 — List of homeownership
(a) Provision of list. (1) Except as otherwise provided in this section, not later than three business days after a lender , mortgage broker , or dealer receives an application , or information sufficient to complete an application , the lender must provide the loan applicant with a clear and conspicuous written list of homeownership counseling organizations that provide relevant counseling services in the loan applicant 's location. The list of homeownership counseling organizations distributed to each loan applicant under this section shall be obtained no earlier than 30 days prior to the time when the list is provided to the loan applicant from either:
12 CFR §1024.20 — List of homeownership
(i) The Web site maintained by the Bureau for lenders to use in complying with the requirements of this section; or (ii) Data made available by the Bureau or HUD for lenders to use in complying with the requirements of this section, provided that the data is used in accordance with instructions provided with the data. (2) The list of homeownership counseling organizations provided under this section may be combined and provided with other mortgage loan disclosures required pursuant to Regulation Z , 12 CFR part 1026 , or this part unless prohibited by Regulation Z or this part. (3) A mortgage broker or dealer may provide the list of homeownership counseling organizations required under this section to any loan applicant from whom it receives or for whom it prepares an application . If the mortgage broker or dealer has provided the required list of homeownership counseling organizations, the lender is not required to provide an additional list. The lender is responsible for ensuring that the list of homeownership counseling organizations is provided to a loan applicant in accordance with this section. (4) If the lender , mortgage broker , or dealer does not provide the list of homeownership counseling organizations required under this section to the loan applicant in person , the lender must mail or deliver the list to the loan applicant by other means. The list may be provided in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act), 15 U.S.C. 7001 et seq. (5) The lender is not required to provide the list of homeownership counseling organizations required under this section if, before the end of the three-business-day period provided in paragraph (a)(1) of this section, the lender denies the application or the loan applicant withdraws the application . (6) If a mortgage loan transaction involves more than one lender , only one list of homeownership counseling organizations required under this section shall be given to the loan applicant and the lenders shall agree among themselves which lender will comply with the requirements that this section imposes on any or all of them. If there is more than one loan applicant , the required list of homeownership counseling organizations may be provided to any loan applicant with primary liability on the mortgage loan obligation.
12 CFR §1024.20 — List of homeownership
(b) Open-end lines of credit (home-equity plans) under Regulation Z. For a federally related mortgage loan that is a home-equity line of credit subject to Regulation Z , 12 CFR 1026.40 , a lender or mortgage broker that provides the loan applicant with the list of homeownership organizations required under this section may comply with the timing and delivery requirements set out in either paragraph (a) of this section or 12 CFR 1026.40 (b).
12 CFR §1024.20 — List of homeownership
(c) Exemptions —(1) Reverse mortgage transactions. A lender is not required to provide an applicant for a reverse mortgage transaction subject to 12 CFR 1026.33 (a) the list of homeownership counseling organizations required under this section. (2) Timeshare plans. A lender is not required to provide an applicant for a mortgage loan secured by a timeshare, as described under 11 U.S.C. 101(53D) , the list of homeownership counseling organizations required under this section. [ 78 FR 6961 , Jan. 31, 2013] Electronic Signatures in Global and National Commerce Act CFR Toolbox Law about... Articles from Wex Table of Popular Names Parallel Table of Authorities Accessibility About LII Contact us Advertise here Help Terms of use Privacy
Operationalizing 12 CFR §1024.20 — List of homeownership counseling organizations
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