WASHINGTON (6/12/13)--Answers to key escrow account, force-placed insurance and adjustable rate mortgage (ARM) questions are all featured in recent posts on the Credit Union National Association's regulatory and compliance resource, CUNA CompBlog
The escrow blog post takes on ten popular credit union questions regarding the Consumer Financial Protection Bureau's new rule, including:
Does the new escrow rule apply to mortgage loans a credit union already has on the books;
Are credit unions that meet all four of the criteria to be exempt from the new 5-year mandatory escrow account requirement still required to follow the 1-year escrow account requirement; and
Are credit unions required to establish an escrow account for a higher-priced loan secured by a trailer, if the member is living in said trailer.
Can a credit union force-place hazard insurance on a past-due mortgage account if the associated escrow account does not have enough funds to cover the hazard insurance premium? This question is also answered in CompBlog
CUNA in the blog also clarifies another question regarding the CFPB's Regulation Z mortgage servicing final rule. Credit unions and others, CUNA explains, will not need to send ARM notices to their members and customers before the final rule is effective.
For more of these question and answer pieces and other CompBlog
compliance gems, use the resource link.