The National Credit Union Administration has issued a regulatory alert to all federally insured credit unions focusing on the new Homeownership Counseling and Consumer Protection Requirements under HOEPA requirements that go into effect on Friday, Jan. 10.
The CFPB last week issued the first three mortgage rule changes required by the Dodd-Frank Act, modifying ability-to-repay policies, escrow requirements for higher-priced mortgage loans, and changes to high-cost mortgage loan requirements.
The CFPB proposed two rules this week. The first is the culmination of more than a year’s worth of work testing and revising mortgage disclosure forms. The second expands the protections given members who enter into “high-cost” mortgage loans.