The CFPB released a summary of its final mortgage servicing rules early Thursday.
CFPB to release final rules but provided advance look of its mortgage servicing regulations.
NCUA-approved rule gets interagency go-ahead this week.
Recently finalized rules and regs on mortgages expected to be among topics.
Trade group says five new rules at once will pose "unprecedented challenge to digest, understand and implement."
Neighborhood Mortgage Solutions LLC announced the appoint of Greg Wischmeyer as CEO. Wischmeyer comes to NMS with over 30 years of experience in the lending market. He will lead a team of mortgage professionals from the CUSO’s home office located in Frankenmuth, Mich.
Although many credit unions may not have realized it, the second version of the federal government’s Home Affordable Refinance Program is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
Just one of the provisions in the Consumer Financial Protection Bureau’s proposed rules on mortgage servicers released Aug. 10 could cost credit unions tens of thousands of dollars, representatives of the industry told the bureau.
Rules would require monthly statements, more complete disclosures and restrictions on forced-placement mortgage insurance.
Combined mortgage disclosures, a new definition of APR, and an expansion of mortgage loans that qualify for Home Ownership and Equity Protection Act coverage were among major changes the Consumer Financial Protection Bureau proposed July 9 when it released two proposed rules.