Links in “Lending”
- CFPB Addresses Adjustable Rate Notification Catch-22
Beginning Jan. 10, 2014, a lender is required to provide notification to consumer at least 60 days prior to the first payment of an adjusted rate, but what if that first payment is due, say, Feb. 10, 2014, in other words, after the effective date requiring the notification but less than the 60-day minimum notification requirement? CFPB addresses this Catch-22. [7/19]
- Bill to Stabilize FHA Seeks to Increase Penalties on Lenders Who Break Rules
Federal Housing Administration Solvency Act of 2013 has provisions to strengthen underwriting and expand amount of damages against lenders who violate rules. [7/17]
- Proper Language in Your Documents Can Make or Break a Member Lawsuit
The case studies presented in this article demonstrate the importance of having specific language in your loan and account documents that reflects current state and federal law. [7/16]
- Best Practices for an Effective MBL Program
Doing an effective job in assessing creditworthiness and tracking performance on a regular basis are the two areas that may have the most impact on the health and success of your member business lending (MBL) program; this article provides good information on best practices that you can adopt at your credit union. [7/8]
- CRA 109 LTDs are Released
Even if you're not subject to 109 of Riegle-Neal Interstate, it is interesting to check out and compare your FI. [7/2]
- CFPB $6.5 Million Fine Against US Bank for Deceptive Auto Program Aimed at Servicemembers
Critical lessons for all auto lenders to avoid enforcement penalties, supervisory citations and regulatory enforcement. Important lessons. Expands key UDAAP-Type Principles. [6/28]
- Small Businesses Finding Increasing Loan Opportunities with CUs versus Banks
CUs increased loans to small businesses during the recession while banks lent less; small business lending up at CUs by 77.7% in the past six years, compared to a decline of 14.3% at banks. [6/26]
- Mortgage Rule Clarification: Who Is a Loan Originator?
Among the revisions to mortgage rules is a change that seeks to clarify qualifications and compensation guidelines to be considered a loan originator so that tellers and admins don't get caught up in that definition. [6/26]
- OCC on Student Loans
Links to Remarks and Testimony promote Flexibility, Transparency, Awareness (think UDAAP). [6/25]
- Reversal: No Minimum Activity Fee for Credit Unions
Freddie Mac announces it will not charge credit union mortgage sellers and servicers a fee if they donât meet minimum activity levels provided they handle at least one Freddie Mac loan over a 3-year period; fee was scheduled to go into effect 1/1/14. [6/24]
