mortgage servicing

• Feds Slap Collective $9.3 Billion Hit on Big Banks for Deficient Mortgage Servicing

  By Heather Anderson  |  March 1, 2013

  Thirteen institutions expected to also undertake loss mitigation efforts focused on foreclosure prevention in OCC/Fed settlement.

• CFPB Will Provide Rule Summaries, Guidance and Exam Checklists for CUs

  By Heather Anderson  |  February 13, 2013

  Effort addresses rules finalized last month on qualified mortgages, ability to repay.

• Cordray Addresses Remittances, Mortgage Rules at NCUA Webinar

  By Heather Anderson  |  February 13, 2013

  Both NCUA Chairman Debbie Matz and Consumer Financial Protection Bureau Director Richard Cordray revealed developments in ongoing regulatory issues during a Feb. 5 webinar in which both answered questions from their credit union audience.

• Credit Unions Evade Most New Mortgage Rules

  By Heather Anderson  |  January 30, 2013

  The Consumer Financial Protection Bureau released final mortgage rules that restrict loan originator compensation methods and increase the level of service loan servicers must provide to borrowers. However, due to the way credit unions already do business, trade associations say neither rule will have a major impact on the industry.

• CFPB: No Larger Commissions for Mortgages Kept on the Books

  By Heather Anderson  |  January 23, 2013

  Because credit unions don’t typically pay for more profitable terms, the rule isn’t expected to have a major impact on the industry.

• CFPB Issues Final Mortgage Rules That Limit Originator Compensation

  By Heather Anderson  |  January 18, 2013

  Originators also can't be paid more for pushing higher interest rates, selling title insurance. Criminal background checks also required.

• CFPB Rule Requires Free Appraisal Copy for Borrowers

  By Heather Anderson  |  January 18, 2013

  Lenders may still recover the cost of obtaining the appraisal, but not for providing a copy to the borrower.

• NCUA Confirms Nearly All Credit Unions Qualify for CFPB’s Servicing Exemption

  By Heather Anderson  |  January 18, 2013

  CFPB final mortgage servicing rule hits slightly more than 200 of 6,900 federally insured credit unions.

• Callahan Analyst: CFPB’s 5,000-Loan Threshold Would Exempt Most CUs

  By Heather Anderson  |  January 17, 2013

  The CFPB released a summary of its final mortgage servicing rules early Thursday.

• Credit Unions Voice Opposition to CFPB’s Mortgage APR Proposal

  By Heather Anderson  |  October 15, 2012

  Comments from credit unions express concerns about rates, compliance burden as January effective date approaches.