Center for Responsible Lending: CFPB Issues Final Rule to Protect Homeowners From Solar Panel and Home Improvement Loans Paid Back Through Property Taxes
December 18, 2024
December 18, 2024
DURHAM, North Carolina, Dec. 18 -- The Center for Responsible Lending issued the following news release on Dec. 17, 2024:
Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would apply existing mortgage protections to Property Assessed Clean Energy (PACE) loans and require lenders to approve these loans based on a borrower's ability to repay. PACE loans, often used by homeowners to purchase solar panels, are paid back through property taxes.
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Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would apply existing mortgage protections to Property Assessed Clean Energy (PACE) loans and require lenders to approve these loans based on a borrower's ability to repay. PACE loans, often used by homeowners to purchase solar panels, are paid back through property taxes.
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