Getting a Mortgage in the New CFPB Lending Environment

New rules take effect January 10. Student Loan Alliance, MortgageKeeper offer options to reduce expenses, debt.

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27% of student loan borrowers are at least 30 days delinquent. High student loan balances stop individuals from achieving the American dream, and stall or halt personal plans—things like getting married or starting a family—every day.

Downers Grove, IL (PRWEB) January 09, 2014

Beginning January 10, 2014, the Consumer Financial Protection Bureau will limit total household debt for mortgage applicants to not more than 43% of their income. Those particularly impacted by this change include new home buyers (especially those with student loans), individuals who have been out of work during the past five years, those living in regions affected by Hurricane Sandy, and those living in high-priced areas or areas hit hard by the housing crisis.

MortgageKeeper Referral Services and Student Loan Alliance (SLA) recommend that those planning to buy a home take a serious look at their debt picture—especially their student loan debt—and determine if they need resources and assistance to reduce their monthly debt payments.

“If the 43% threshold seems daunting, individuals should take steps to find debt relief,” said Rochelle Nawrocki Gorey, president of MortgageKeeper. “Our MortgageKeeper data team has mined thousands of locally-based organizations that can advise homeowners around the U.S. on viable ways to reduce their expenses, received debt counseling, find pre-purchase assistance, and even find help if they live in former disaster areas, like the states affected by Hurricane Sandy.”

“27% of student loan borrowers are at least 30 days delinquent. High student loan balances stop individuals from achieving the American dream, and stall or halt personal plans—things like getting married or starting a family—every day,” said Larry Gilmore, president and CEO of Student Loan Alliance. “Student loan counselors, like those provided through StudentLoanHelp.org, are highly qualified to help potential borrowers assess their debt situation and find options for relief.”

If you're experiencing challenges with student loans and other consumer debt, visit StudentLoanHelp.org for immediate assistance. For more information about MortgageKeeper products and an online demo, visit MortgageKeeper.com.

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About MortgageKeeper Referral Services: MortgageKeeper Referral Services is the only platform dedicated to connecting consumers to best-in-class local resources. Trusted by top servicers and housing counseling agencies, our applications power more than 3,500 referrals a day in 160 markets throughout the United States. Borrowers with access to local resources have additional opportunities to cure default, benefiting the homeowner, servicer, and investor.

About the Student Loan Alliance: The Student Loan Alliance (SLA) is a nonprofit organization focused on developing long-term solutions to address the student loan crisis with a key focus on leveraging independent nonprofit counselors as “trusted advisors.” Alliance members deliver efficient counseling and timely assistance by implementing best in class systems and processes. The student loan crisis affects many households across the country and SLA is committed to addressing the crisis by promoting partnership, developing effective outreach and awareness campaigns, and providing streamlined education and counseling.


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