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CompBlog Wrap-Up Provides Mortgage Reg Resources
WASHINGTON (10/15/13)--New and pending mortgage regulations remain a chief concern for credit unions across the country. The latest edition of the Credit Union National Association's CompBlog Wrap-Up provides an outline of recent Consumer Financial Protection Bureau revisions to mortgage regulations, a question and answer document on mortgage originator regulations, and much more.

The Wrap-Up section on the CFPB's mortgage rules highlights how the revisions will impact small creditors, credit insurance premiums, loss mitigation applications, mortgage loan originators and ability-to-repay standards.

The Wrap-Up also features details on CUNA's new mortgage rules resource page, which compiles compliance information addressing the new CFPB mortgage rules. CUNA e-Guides, compliance articles from Credit Union Magazine, frequently asked questions, summaries, explanatory charts, CompBlog posts, and training opportunities are among the resources posted on this page.

One key question regarding the new Regulation Z mortgage originator rules is also addressed:  Does responding to a member's request for real estate lending department contact information make a given credit union employee a mortgage loan officer? The answer, CUNA says, is no.

While referrals are considered to be loan originator activities under the rule, Reg Z's definition of loan originator does not include persons who:
  • Provide general explanations, information, or descriptions in response to consumer queries;
  • Provide loan originator or creditor contact information in response to a consumer request;
  • Describe other product-related services; or
  • Explain or describe the steps that a consumer would need to take to obtain an offer of credit, including providing general guidance on qualifications.
The Wrap-Up also provides quick answers to several remittance transfer compliance questions.

And, as it does every month, the CompBlog Wrap-Up lists the upcoming effective dates of new regulations, important compliance articles and reports to read, as well as CUNA training programs.

For more of the CUNA CompBlog Wrap-Up, and other compliance gems, use the resource link.
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CUNA CompBlog Wrap-Up
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