Topic: Mortgage Loans
-
Guidance covers “reconsiderations of value” for real estate lending
NEWS: The NCUA and other federal regulators have issued final guidance on “reconsiderations of value” (ROVs) in residential real estate lending. When credit unions identify deficiencies in appraisal and valuation reports – either […]
-
CFPB proposes new mortgage servicing rules
COMMENT CALL: The Consumer Financial Protection Bureau (CFPB) has proposed changes that would rewrite its 2013 mortgage servicing rules. The amendments would simplify the “loss mitigation” process and give borrowers additional protections to […]
-
NCUA & other regulators finalize AVM rule
NEWS: Recently, the NCUA, CFPB and other federal financial regulators released a final rule on the use of Automated Valuation Models (AVMs) – sophisticated computerized models that rely on artificial intelligence to estimate […]
-
ICYMI: State amendments eliminate four mortgage notices
NEWS: As you may remember, Wisconsin enacted a League-supported financial institutions modernization law this spring. The League published a Compliance Courier with a long list of state statutes that changed. You may have […]
-
What should CUs do when mortgage borrowers fall behind on property taxes?
Q&A: Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance Hotline […]
-
New state law covers ABLE accounts & other financial services
NEWS: Last week, Gov. Tony Evers signed into law Senate Bill 668, now 2023 Wisconsin Act 267. The new law, which is quite lengthy, requires the Wisconsin Department of Financial Institutions (DFI) […]
-
CFPB targets mortgage closing costs as “junk fees”
NEWS: As part of the CFPB’s war on so-called “junk fees,” a recent Bureau blog post asked consumers for feedback about residential mortgage closing costs, like title insurance, credit report charges, origination fees, discount […]
-
CFPB adjusts 2024 HMDA, HPML escrow, and “small creditor” exemption amounts
NEWS: The Consumer Financial Protection Bureau (CFPB) has released its annual updates to some regulatory exemption amounts that affect credit unions making mortgage loans: The asset-size exemptions for collecting Home Mortgage Disclosure Act […]
-
State increases escrow interest rate for 2024
NEWS: The Wisconsin Department of Financial Institutions has announced that for 2024, the mandatory interest rate on certain required escrow accounts originated before April 18, 2018 will be 0.18% (up from 0.11% […]
-
CFPB updates 2024 dollar amounts for credit card minimal interest disclosures, HOEPA triggers, and QM limits
NEWS: The Consumer Financial Protection Bureau (CFPB) has released its annual updates to three threshold dollar figures that are important for credit unions with credit card and mortgage loan programs. The […]