New TILA/RESPA tools; your questions answered about how to ID a minor; plus this week’s legal briefs.
Complying with the Consumer Financial Protection Bureau’s first six mortgage rules, which became effective in January, didn’t fundamentally change the mortgage process for members. Complying with the seventh new rule, however, will absolutely change the disclosures and mortgage process for your members.
The Consumer Financial Protection Bureau has released its long-awaited final rule for Integrated Mortgage Disclosures under RESPA and TILA.
On the heels of a data interpretation indicating credit unions could be paying 10 basis points on $5.3 billion corporate stabilization for up to six years, new estimates have reduced the term by one year and lowered the rate by nearly $1 billion.
CUNA revised its original estimate of 650,000 new credit union members nationwide between Sept. 29 and Nov. 5, now estimating approximately 441,000 new members in that time. Resources are available to help credit unions respond to questions about the changes.