Toggle
Compliance E-Guide
Affirmative Action Americans With Disabilities Appraisals Bank Bribery Act Bank Secrecy Act Bank Secrecy Act_TEST Bankruptcy Board Governance Bylaws Certificates of Indebtedness Charitable Contributions Check 21 Children's Online Privacy Protection Act - COPPA Community Development Revolving Loan Program Conflicts Of Interest Credit Practices Rule Credit Risk Retention Credit Union Service Organizations (CUSOs) Cybersecurity Derivatives Disaster Recovery Elder Financial Abuse Electronic Fund Transfers - Regulation E Electronic Signatures Eligible Obligations Equal Credit Opportunity - REG B Examinations Expedited Funds Availability Act - REG CC Fair Credit Reporting Act Fair Debt Collection Practices Act Fair Housing Act Fair Labor Standards Act FATCA Fidelity Bonds Field Of Membership Fixed Assets Flood Insurance FOM Summary July 2015 Foreign Branching Garnishments (Federal Benefit Payments) Health Savings Accounts History of Federal Income Tax Exemption Holder In Due Course Rule Home Mortgage Disclosure Act - REG C Home Ownership Counseling Notification Identity Theft Incidental Powers Individual Development Accounts - IDAs Individual Retirement Accounts (IRAs) Interchange Fees And Routing Internet Gambling Investments - NCUA Part 703 IRS Reporting – 1098-E Student Loan Interest Statement IRS Reporting – Form 1099-INT Interest Reporting IRS Reporting - Form W-9 - Request For Taxpayer Identification Number And Certification IRS Reporting 1098 Mortgage Interest IRS Reporting Form 1099-C Discharge Of Indebtedness IRS Reporting Non-Resident Alien Reporting–Forms W-8BEN and 1042-S (also see E-guide section for FATCA) IRS REPORTING–1099-MISC,Miscellaneous Income IRS Reporting-Form 990,Return of Organization Exempt from Income Tax IRS Small Business Health Care Tax Credit IRS Summons And Levies J-Regulation J - Collection of Checks or Funds Transfer Through Fedwire Leasing - REG M Liquidity Loan Participations Management Interlocks Margin Loans - REG U Member Business Loans Mergers Military Lending Act Mortgage Loan Originator Registration (SAFE Act) NCUA - Private Student Loans NCUA Lending Non-Member Services Office Of Foreign Assets Control (OFAC) Privacy Private Mortgage Insurance Private Student Loans Prompt Corrective Action Real Estate Settlement Procedures Reclamations Record Retention-NCUA Records Preservation Program Regulation J-Collection of Checks-Funds Transfers Through Fedwire Remittance Transfers (Regulation E) Reserve Requirements (Regulation D) Right To Financial Privacy Act Security Program-Security Of Member Information Service Members Civil Relief Act Service to the Under-Served Share Insurance Signature Guarantee Programs Small Business Administration (SBA) Loans Social Security Funds Usage SPAM e-MAIL State Chartered Credit Unions Statutory Lien Supervisory Committee Tax Exemption History Telemarketing Truth In Lending - REG Z Truth In Savings Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)

Comp Blog

NCUA Reminds CUs of New Homeownership Counseling Requirements

By: Danielle Wright

CommentMonday - January 13, 2014

Last week NCUA issued a Regulatory Alert reminding credit unions of three new homeownership counseling requirements:

1.   As of January 10, 2014, the RESPA regulation (Reg X) requires that credit unions provide a written list of homeownership counseling organizations to applicants of federally related mortgage loans within three days of application.  The term “federally related mortgage” is defined as a loan secured by a dwelling and includes purchase-money and non-purchase-money closed-end credit and HELOCs.  It does not include reverse mortgages and loans for timeshares.  The rule specifies two methods for obtaining the list: (1) using a tool developed and maintained by CFPB on its website, and (2) using data made available by CFPB or HUD.  In addition, the list must include certain explanatory text indicating that the applicant can find other approved counseling agencies by contacting CFPB or HUD.  

2.   As of January 10, 2014, the Truth in Lending regulation requires credit unions that make mortgage loans to first time borrowers that permit negative amortization to confirm that these first-time borrowers have received homeownership counseling before consummation. The required counseling must be provided by a federally certified or approved homeownership counselor. A credit union cannot direct a member to choose a particular homeownership counseling agency.  

3.   As of January 10, 2014, the HOEPA rule has been amended to require credit unions making high-cost mortgages (including HELOCs, refinancings and closed-end home equity loans with high rates or high fees), to receive written certification from an unaffiliated, certified or approved counselor that a member received counseling on the advisability of the HOEPA loan.  A member may not obtain counseling until after receiving the initial good faith estimate on a closed-end transaction or the initial HELOC disclosures required by Regulation Z.     

For more information see NCUA’s Regulatory Alert  No: 14-RA-02






print

Add Your Comment

close

 

()