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Washington
CFPB mortgage changes detailed in CUNA chart
WASHINGTON (1/31/13)--Credit unions looking for analysis of the many new mortgage regulations unleashed by the Consumer Financial Protection Bureau this month can turn to a final rule analysis just issued by the Credit Union National Association, which features a chart listing the rules and their key components in a new chart.

The chart, entitled "Mortgage Lending Rules--New CFPB rules finalized in 2013," is divided into three columns:
  • The first column summarizes key requirements in each of the CFPB's mortgage loan final rules;
  • The second column defines the type of mortgage loans covered by each of the final rules; and
  • The third column provides links to the CFPB's final rules and summaries of the rules and will link to CUNA's Final Rule Analyses as they become available.
The chart also provides details concerning the CFPB's proposed Truth in Lending Act/Real Estate Settlement Procedures Act mortgage loan integration rule. That rule is expected to be finalized in September.

"In a sense this is a 'living' chart--it will grow and be updated and so should be reviewed for important additions periodically," CUNA Senior Compliance Counsel Mike McLain said Wednesday.

For the full chart, use the resource link. It can also be found in CUNA's eGuide to Federal laws and Regulations, which is posted on the cuna.org website.

CFPB mortgage regulations were also addressed in a Wednesday Policyworks/CUNA webinar. The webinar addressed the CFPB's ability to repay/qualified mortgage regulations, high-cost mortgage rule and escrow rule.

Policyworks is planning to write up portions of the question and answer section from the webinar, and will post that archived information in mid-February. An archived version of the webinar will be posted soon on cuna.org.

Mortgage servicing, appraisals and mortgage loan originator compensation regulations will be addressed in a followup webinar on Feb. 12.
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