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
CUNA Analysis Details CFPB Mortgage Amendments
WASHINGTON (9/24/13)--Details of the Consumer Financial Protection Bureau's (CFPB's) final rule that amends its Ability-to-Repay, Mortgage Servicing and Mortgage Loan Originator Rules are laid out in a new Credit Union National Association Final Rule Analysis.
 
The CFPB amended and clairified parts of the mortgage rules to ensure a smoother implementation process in 2014.

 Topics outlined in the final rule analysis include:
  • The small creditor exemptions;
  • How credit insurance premiums are "financed" by a creditor when the creditor allows the consumer to defer payment of the premium past the month in which it is due;
  • Specific procedures for servicers to follow if they fail to identify and inform a borrower upon an initial review that certain information is missing from a borrower's loss mitigation application;
  • Modifications that make it easier for servicers to offer short-term forbearance plans for delinquent borrowers who need only temporary relief without going through a full loss mitigation evaluation process. Servicers, upon reviewing an incomplete loss mitigation application, may provide a 6-month forbearance to a borrower who is suffering a short-term, temporary hardship; and
  • The circumstances under which a loan originator's or creditor's administrative staff acts as loan originators.
For the full CUNA analysis of the CFPB final rule, use the resource link.
 
CUNA members can also access a compilation of CUNA compliance resources available to help credit unions work through all the regulations' requirements.
RSS





print
News Now LiveWire
What will a viking raid? Town or your wallet? http://t.co/JJYXXAGk7g @OhioCreditUnion @GCUAGov #StoptheDataBreaches http://t.co/7jc7rECKSF
40 minutes ago
#creditunions face 'perfect storm' of tech changes in 2015 #NewsNow http://t.co/K2a6GZX8k5
56 minutes ago
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
17 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
17 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
20 hours ago