Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
13 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
21 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
23 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
1 Day ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
1 Day ago