Jan. 15, 2013 – NAFCU anticipates at least two more final mortgage regulations – one on mortgage servicing, the other on mortgage loan originator compensation – coming from the CFPB this week.
The association has urged that the CFPB withdraw its mortgage servicing proposal, warning that the regulation would create “near-unprecedented levels of compliance costs” and make mortgage servicing more difficult. NAFCU has urged small-entity exemptions for credit unions from the servicing rule as well as the originator compensation rule.
Both final rules, if issued, could be announced Thursday, when the CFPB holds its second field hearing on mortgage reform, this time in Atlanta. NAFCU member representatives will attend.
Last week, the bureau issued its final mortgage rules on ability to repay and the “qualified mortgage” standard; escrow account requirements; and triggers and limits for higher-cost loans subject to the Home Ownership and Equity Protection Act.
NAFCU has created the CFPB’s Mortgage Reform Webcast Series to provide a closer look at the bureau’s various mortgage regulations over the next several months. The first webcast, set for Feb. 13, will provide an overview of the rulemakings issued last week.
Future webcasts in this series are slated through November and will cover rules on home equity lines of credit, periodic statements, error resolution, originations. Two broad compliance updates are also slated.