Mortgage Rules Loom: Guest Opinion
By now, credit union leaders have become accustomed to new regulations coming down the pike. Less awareness exists, however, for the importance of moving early on the steps it takes to comply with these new regulations.
Most recently, mortgage regulations proposed and now finalized by the Consumer Financial Protection Bureau have taken center stage. But because these particular regulations that are made up of extremely complex rules requiring multiple changes to a credit union’s mortgage program are not set to go into effect until January 2014, some credit union lending teams may be putting off implementation.