Comments Due to NAFCU: NCUA - Mortgage Servicing Rights
NAFCU would like to highlight the following:
- The proposed rule would remove the current prohibition on federal credit unions’
(FCUs’) ability to purchase MSRs from the Investment and Deposit Activities Rule (investment rule).
- Under this rule, FCUs would be able to purchase MSRs from other federally-insured credit unions (FICUs) as a permissible investment. For an FCU to purchase MSRs, the loan must be one that the FCU was empowered to grant, within the limitations of the board of directors’ written purchase policies, and there must be prior approval by the board of directors or investment committee.
Comments due to NAFCU: January 15, 2021
Comments due to NCUA: February 1, 2021
NAFCU will send comments on behalf of its members to the NCUA by their deadline (January 15, 2021).