Links in “Lending”
- Cordray Praises Credit Unions on âThe Daily Showâ
CFPB Direct Richard Cordray sang the praises of credit unions on Wednesdayâs âThe Daily Show with Jon Stewart.â Cordray cited credit unionsâ and community banksâ history of a common sense approach to mortgage lending as the model that the new mortgage regulations are designed to impose on the entire industry. [1/10]
- New Mortgage Rules: Webinar Offers “Reality Check” of Compliance Efforts
If your institution is like most, the mad scramble to get ready for the January 10, 2014 implementation date of the new mortgage rules won't magically end on that date. New NeighborBench webinar offers attendees the chance to step back and do a reality check on where your institution is relative to the requirements of the new rules and identify how to move forward with a good faith effort to implement those elements that remain. [1/10]
- CFPB Revised Key Mortgage Disclosures
CFPB revises HELOC Brochure, CHARM Booklet and Settlement Cost Booklet to meet upcoming changes in mortgage origination and servicing rules. FIs may use new booklets now or wait to exhaust old supplies, within reason. [1/10]
- NCUA on QM and Non-QM Loans
Supervisory letter states that emphasis in the field will be safety and soundness, not solely on the basis of whether a loan's status is Qualified Mortgage or not. [1/10]
- 11th Hour Resources for Addressing New Mortgage Rules
NAFCU's compliance blog today lists a number of resources available to help financial institutions scrambling to meet tomorrow's implementation date. [1/9]
- NCUA Issues Regulatory Alert on Homeownership Counseling and HOEPA Loans
NCUA has issued Regulatory Alert 14-RA-02 to provide information and guidance regarding the new homeownership counseling requirements for both open-end and closed-end mortgage loans and on changes to the scope of loans that are subject to the requirements for HOEPA loans. [1/8]
- CFPB Serves it Up for Consumers
CFPB releases new resources for consumers to educate on protections from mortgage rules. Guidance includes sample letters that consumers can send to their mortgage servicers when suspecting errors, more FAQs and other help tips. [1/8]
- Auto Loans Are Back!
The trends show that 2013 was the strongest year for auto sales since 2007 and the expectations for 2014 are even higher. New auto loan growth is outpacing used auto loan growth, which means higher average loan balances. [1/7]
- Will Interest-Only Loans Survive in Post-QM Era?
At least for one lender, the answer is yes, it will continue to offer interest-only loans, even after the CFPB's Qualified Mortgage rules go into effect Jan. 10. Bank of the West, based in San Francisco, says that it has reviewed its underwriting criteria and feels comfortable that its borrowers have the ability to repay the loans once the interest-only period has expired. [1/7]
- Program Lets Customers Use Rewards to Pay Down Loans
Wells Fargo offers customers option of using their credit card rewards to pay down mortgage, auto loans or home equity lines. [1/7]
