The NWCUA finalized its 2015/2016 Board of Directors, moving to a nine-person Board from the previous eleven seats.
The National Credit Union Administration has issued a regulatory alert to all federally insured credit unions focusing on the Ability-to-Repay (ATR) and Qualified Mortgage (QM) requirements that go into effect on Friday, Jan. 10.
Regulatory Agencies Release Interagency Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans
The NCUA and three other federal regulatory agencies have released a Joint Interagency Statement on the Supervisory Approach for Qualified and Non-Qualified Mortgage Loans.
Six federal agencies have issued a notice revising the rule requiring sponsors of securitization transactions to retain risks in those transactions. Our Compliance Report offers interpretation and resources.
Fannie Mae and Freddie Mac will limit future mortgage acquisitions to loans that meet the requirements for a qualified mortgage. This new development takes effect in January.
Northwest credit union lenders are concerned the CFPB’s Qualified Mortgage Rule will have the unintended consequence of squeezing Americans out of home ownership. The House Financial Services Subcommittee on Financial Institutions heard testimony from the credit union movement this week.
What is a representative payee?
The CFPB has issued two final rules updating mortgage rules. One delays implementation of the rule prohibiting financing insurance premiums on transactions insured by dwellings. The other facilitates access rules exemptions for small creditors, community development lenders and housing stabilization programs.
Your weekly update on the regulatory landscape.
The Washington regulator has issued a bulletin for credit unions interested in accepting public funds deposits. Credit unions that qualify may accept up to $250,000 per public depositor.
A rule issued today by the CFPB today that protects consumers from certain irresponsible mortgage lending practices and requires lenders to ensure homebuyers will be capable of repaying the mortgage also includes some safe harbors and exemptions for credit unions.
The webinar will feature representatives from the Credit Union National Association, PricewaterhouseCoopers, and CMG Mortgage Insurance Company, and will encourage comment by the August 1 deadline.
Fed Proposes Rule Under Reg. Z Pertaining to Ability to Repay Mortgage and Minimum Underwriting Standards
The proposal would apply to all consumer mortgages except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans.
How long does a stop payment order remain in effect?