Topic: Nontraditional Mortgage Product Risks
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NCUA: Letter to Credit Unions No. 06-CU-16 – Interagency Guidance on Nontraditional Mortgage Product Risk (October 2006) (encl)
NCUA and the other federal regulators issued this guidance to address risks posed by residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Such products […]
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NCUA: Letter to Credit Unions No. 06-CU-16 – Addendum to Credit Risk Management Guidance for Home Equity Lending (October 2006) (encl)
The federal regulators provide guidance addressing the timing & content of communications with consumers obtaining interest-only HELOCs. The agencies are concerned that consumers may not fully understand the product terms […]
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B062 Reg. Z: Home Ownership & Equity Protection Act (HOEPA) Rule
This release describes the Federal Reserve’s requirements for credit unions offering “high-cost” or “high-fee” mortgage loans subject to the Home Ownership and Equity Protection Act (HOEPA) rules in Reg. Z. […]