January 10, 2014

New mortgage origination, servicing exam rules out

CFPB on Friday released updated information for its mortgage origination and mortgage servicing exam procedures, bringing previous procedures into alignment with the new mortgage rules that took effect the same day.

The procedures apply to all final rules previously issued by the bureau through last November.

NCUA and CFPB have been pushing out information on the new mortgage rules steadily over the past two weeks. NCUA has sent Regulatory Alerts that share the agency's supervisory guidance on the qualified mortgage rule, mortgage servicing rule and and homeownership counseling. CFPB has sent its own letter to credit unions providing a general overview of the QM rule.

Daniel Weickenand, CEO of Orion FCU in Memphis and a NAFCU Board member, is slated to testify at a House Financial Services subcommittee Tuesday for the association on the new rules and how they will affect prospective and current homeowners.

NAFCU has urged CFPB to take into account the information NAFCU plans to provide as it monitors the rules' implementation and learns more about its impact on credit unions. Members can access resources for compliance with the rules here.