The National Credit Union Administration has released regulatory alerts regarding the new Mortgage Servicing Requirements under the Truth in Lending Act and the Real Estate Settlement Procedure Act.
A CFPB report details mortgage servicing problems at banks and other institutions. Many of the issues the report uncovers are harmful to consumers.
The CFPB has issued another round of new “plain-English” rule overviews; the latest addressing Loan Originator and Mortgage Servicing Rules. The weekly compliance report covers the bases for credit union professionals.
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here is a call for comment on Oregon’s proposed mortgage servicing rule.
The NCUA, FRB, CFPB and others jointly issued guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
The Oregon DOJ has suspended the temporary mortgage loan servicing rule it issued in January and issued a new rule on Feb. 15, 2012, that includes a handful of modifications.
The Oregon Department of Justice issued a temporary rule that covers anyone engaged in mortgage loan servicing in Oregon, including lenders, servicers and servicing agents. The rule took immediate effect upon being issued on Jan. 27.