Written by Shari R. Pogach, Regulatory Paralegal
The CFPB rolled out its various mortgage proposals at such a fast and furious clip that many of the comment deadlines for its proposals were on the same day. So how is this making life easier for folks? I feel like we all have an answer for this but are too polite to say it out loud. Today we thought we’d highlight NAFCU’s comment letters in response to some of the proposals:
September 7, 2012: High-Cost/HOEPA Proposal;
September 21, 2012: Definition of Finance Charge;
October 9, 2012: Mortgage Servicing Proposals;
October 15, 2012: Higher-Risk Appraisal Proposal;
October 15, 2012: Regulation B Appraisal Proposal; and
October 16, 2012: Mortgage Loan Originator Proposal.
These comment letters can be a great way to get a summary of the proposed changes and help identify future headaches for your credit union if the rules are adopted as proposed.
NAFCU Webcast. Join NAFCU’s Regulatory Compliance team by watching the November 7, 2012, webcast on the CFPB’s latest mortgage proposals. Part II: The CFPB's Latest Mortgage Proposals and the Impact on Your Credit Union. The compliance team will highlight and discuss the mortgage loan originator proposal, the higher-risk appraisal proposal and the Regulation B appraisal proposal. Save $100 if you sign up by October 31. Note, NAFCU’s webcasts are open to all credit unions, regardless of membership or charter type!