Feb. 14, 2013 – NAFCU is offering its members scope and applicability charts to help them better understand which of the CFPB’s mortgage rule requirements apply to which types of loans.
Each chart provides members with specific information about the scope and applicability of the CFPB’s mortgage rules. NAFCU currently has 10 charts available, including ones for:
- Regulation Z (Truth in Lending Act) mortgage servicing requirements;
- Regulation X (Real Estate Settlement Procedures Act) mortgage servicing requirements;
- loan originator compensation, qualifications, training and disclosure requirements;
- Regulation B appraisal requirements;
- appraisal disclosure requirement for higher-priced mortgage loans;
- appraisal requirements for higher-priced mortgage loans;
- new escrow requirements for higher-priced mortgage loans;
- new requirements for high-cost mortgage loans;
- new home ownership counseling disclosure requirement; and
- ability-to-repay requirements and qualified mortgage standards.
The charts are available to NAFCU members via the association’s credit union compliance webpage for CFPB mortgage rules (member log-in is required). They are also available to participants of yesterday’s webcast on the CFPB’s final mortgage regulations (the charts are available for download).