Newsroom
June 13, 2017
NAFCU urges greater clarity, accountability in veteran-guaranteed home loans
NAFCU's Ann Kossachev, in a letter Monday, said that the association hopes to see greater accountability and clarity as the Department of Veterans Affairs works on a rulemaking related to expenses that a veteran may be charged when obtaining a VA-guaranteed home loan.
"NAFCU and its member credit unions are pleased that the VA is reevaluating its regulations regarding permissible charges and fees to provide greater clarity to the industry," wrote Kossachev, NAFCU's regulatory affairs counsel. She added that NAFCU hopes to see a "return to the regulatory framework that permitted lenders to charge costs and expenses normally paid under local lending customs" and "greater accountability for settlement and real estate agents who participate in the VA-guaranteed home loan market."
Under the current framework, which restricts the types of charges and fees veterans are allowed to pay, Kossachev explained that sellers and lenders working with a VA-guaranteed loan borrower are forced to pay many of the customary real estate transaction expenses. This places veteran borrowers in diminished bargaining position, so the VA is requesting feedback on possible revisions to these regulations.
In her letter, Kossachev shares NAFCU's responses to the VA's questions posed in its advanced notice of proposed rulemaking, pertaining to veteran borrowers' closing costs, third-party charges and fees, and loan origination fees, among other topics.
"NAFCU and its member credit unions are pleased that the VA is reevaluating its regulations regarding permissible charges and fees to provide greater clarity to the industry," wrote Kossachev, NAFCU's regulatory affairs counsel. She added that NAFCU hopes to see a "return to the regulatory framework that permitted lenders to charge costs and expenses normally paid under local lending customs" and "greater accountability for settlement and real estate agents who participate in the VA-guaranteed home loan market."
Under the current framework, which restricts the types of charges and fees veterans are allowed to pay, Kossachev explained that sellers and lenders working with a VA-guaranteed loan borrower are forced to pay many of the customary real estate transaction expenses. This places veteran borrowers in diminished bargaining position, so the VA is requesting feedback on possible revisions to these regulations.
In her letter, Kossachev shares NAFCU's responses to the VA's questions posed in its advanced notice of proposed rulemaking, pertaining to veteran borrowers' closing costs, third-party charges and fees, and loan origination fees, among other topics.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.