March 16, 2016

School day 3: Mortgage rules, fair lending requirements

Credit union representatives at NAFCU's Regulatory Compliance School on Wednesday discussed mortgage rules, the Real Estate Settlement Procedures Act and Regulation B's fair lending requirements. School runs through Friday in Arlington, Va.

Steve Van Beek, an attorney with Howard and Howard, provided a two-part talk on mortgage rules: He covered CFPB's ability-to-repay and qualified mortgage requirements, mortgage servicing, loan originator rules, rules for higher-priced mortgages and CFPB's TILA-RESPA integrated mortgage disclosure rule.

school booth
NAFCU's Regulatory Compliance School runs through Friday in Arlington, Va. (NAFCU photo)

NAFCU Regulatory Compliance Counsel Elizabeth Young LaBerge discussed the good-faith estimate, prohibition against kickbacks and escrow accounts under RESPA. She noted that RESPA does not establish when escrow accounts are necessary but does establish requirements for servicing escrow accounts.

Marissa Blundell, principal with CliftonLarsonAllen, discussed the application process, adverse action notices, evaluating applications and fair lending issues under Regulation B.

Today, students at School will review Home Mortgage Disclosure Act requirements, hear updates on NCUA and CFPB and discuss cybersecurity.

NAFCU's conferences are open to credit union members and nonmembers. For updates on School, follow the #ComplianceSchool hashtag on Twitter.