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
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.
Other Resources

CUNA CompBlog Wrap-Up
RSS





print
News Now LiveWire
Construction spending drops in January, according to @CommerceGov http://t.co/W9J1mDyF8X #Market #NewsNow
6 hours ago
During Nat'l Consumer Protection Week, @TheNCUA reminds #CU members of agency resources re: rights as consumers. http://t.co/aYgW1HoDmF
7 hours ago
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
8 hours ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
9 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
10 hours ago