Oct. 2, 2012 – NAFCU members can read about the Consumer Financial Protection Bureau’s proposes rules on high-cost mortgages and mortgage servicing in the October issue of the NAFCU Compliance Monitor newsletter.
The article on high-cost loans examines the CFPB’s proposed revision to the definition of “finance charge” and the potential impact on credit union mortgage lending. The mortgage servicing article includes a comprehensive overview of the proposed changes to Regulation Z and Regulation X, including the new requirement for mortgage periodic statements. Additionally, the 20-page newsletter includes a chart created by NAFCU that highlights the specifics of 20 new notices that would be need to be sent by credit unions after the rules are finalized.
The chart includes details on the applicability, trigger events and timing of the proposed notices as well as links to any sample or model forms from the proposed rules.
The October issue is accessible now online. Member login is required.