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.
NATIONAL HARBOR, Md. – New CFPB rules will require credit unions to expand compliance efforts for mortgage work.
Toll-free phone or website access to consumers to make state or federal complaints about appraisals.
Effort addresses rules finalized last month on qualified mortgages, ability to repay.
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.
Because credit unions don’t typically pay for more profitable terms, the rule isn’t expected to have a major impact on the industry.
Originators also can't be paid more for pushing higher interest rates, selling title insurance. Criminal background checks also required.
The CFPB released a summary of its final mortgage servicing rules early Thursday.
Modern residential lending requires much tighter focus on compliance and valuation standards than ever before.
Agency posts on website Monday comment gathered in April.