Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CU input on RESPA required use clarifications needed
WASHINGTON (7/9/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on a recently released Department of Housing and Urban Development (HUD) advance notice of proposed rulemaking (ANPR) which seeks to clarify current prohibitions against the “required use” of affiliated settlement service providers for residential mortgage transactions under the Real Estate Settlement Procedures Act (RESPA). The HUD rules aim to address situations in which some homebuyers commit to using a home builder’s affiliated mortgage lender in exchange for construction discounts or discounted upgrades without sufficient opportunity to review the transaction or comparison shop among other lenders. One of the questions asked by CUNA is whether the economic incentives provided in the ANPR would inflate appraisals or lower underwriting standards in the loan market. Credit unions are also asked to comment on whether the home upgrades, settlement discounts, and guaranteed interest rates offered as part of the home purchase process in these situations are illusory, and whether consumers that are offered incentives in these situations would be less likely to comparison shop for these types of settlement services. CUNA has asked that all comments be submitted by Aug. 20. The HUD is accepting comments until Sept.1. For the full comment call, use the resource link.


RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
6 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
8 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
9 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
10 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
10 hours ago