Mortgage Headache Areas; Upcoming Mortgage Reform Webcasts
Written by Steve Van Beek
Yesterday was NAFCU's first webcast as part of our Mortgage Reform Webcast Series. Â I provided an overview of the seven new mortgage regulations - focusing specifically on the scope & applicability of the new requirements. Â
I also provided some insight on "Headache Areas" and included this list at the end of the presentation:
- Determining Exemption Applicability
- New Notices Ã¢ÂÂ Content-Rich and Strict Timelines
- Error Resolution & Information Request Procedures
- Loan Originator Compensation Determinations
- Implementing So Many Changes At One Time
And, there will be many additional headaches as credit unions work toward implementing the new requirements. Â Even self-induced ones. Â
There is some hope on the horizon as the CFPB issued their best press release of their history which highlights theirÂ Implementation Plan for New Mortgage Rules. Â The CFPB's plan indicates they are listening to NAFCU and credit union concerns regarding the overwhelming burden of reading, understanding, interpreting and implementing numerous requirements simultaneously. Â Of course, we'll have more information on the CFPB's plan in future blog posts.
Upcoming Mortgage Reform Webcasts. Â As I mentioned, yesterday's webcast was the first of our series and registration for the next three is now open.
- CFPB's Ability to Repay and Qualified Mortgage RequirementsÂ - March 6, 2013 - 2:00 p.m. to 3:30 p.m.
On March 6,Â Andy Keeney from Kaufman & CanolesÂ will be examining the details of the CFPB's Ability-to-Repay Requirements and Qualified Mortgage Standards. Â Andy will walk through the new underwriting guidelines - including the debt-to-income requirements - and explain how these rules will impact credit union mortgage lending. Â And, importantly, theÂ steps your credit union needs to takeÂ to comply by January 10, 2014.Â Â
- Digging Deeper: CFPB's Mortgage RulesÂ - March 27, 2013 - 2:00 p.m. to 3:30 p.m.
I'll be joined by my colleagues JiJi Bahhur, Bernadette Clair and Mike Coleman as we explore details of the CFPB's new mortgage requirements. Â We'll provide answers to Frequently-Asked-Questions that our team has fielded from NAFCU member credit unions. Â And, we'll take a look ahead at what other areasÂ the CFPB is likely to address in 2013. Â
- Which New Requirements Apply to HELOCs?Â - April 10, 2013 - 2:00 p.m. to 3:30 p.m.
I'll provide a detailed look at which requirements apply to home equity lines of credit and - just as importantlyÂ - which do not apply so that your credit union can best position your implementation strategy. Â If your credit union makes HELOCs, this is one you'll want to attend as the new requirements are sprinkled throughout the CFPB's 3507 pages!
Programming Note: Â NAFCU's offices will be closing early tomorrow and will be closed on Monday for the Federal holiday. Â We'll have a blog post tomorrow and then start back up again on Tuesday. Â Â