Paul Guttormsson

Compliance Compass: new mortgage regulations, disclosures

Federal regulators recently issued a flurry of new mortgage loan regulations, and a revamp of mortgage loan disclosure forms is expected later this year. Be sure your credit union’s lending and compliance staff know about these nine new rules and deadlines, and watch for detailed information on each of them in the coming months. They include:

June 1, 2013 - Escrow Requirements for Higher-Priced Mortgage Loans. See our guidance in the Jan. 11 Compliance Courier.

June 1, 2013 - Prohibition on Mandatory Arbitration and Financing of Credit Insurance Premiums (from MLO Compensation Regulation). See our guidance in the Jan. 21 Compliance Courier.

January 10, 2014 - Qualified Mortgage and Ability-to-Repay Requirements. See our guidance in the Jan. 11 Compliance Courier.

January 10, 2014 – Nine New Mortgage Servicing Requirements – Reg. Z (TILA) and Reg. X (RESPA). See our guidance in the Jan. 17 Compliance Courier.

January 10, 2014 - Loan Originator Compensation and Training, Certification and Identifier Disclosure. See our guidance in the Jan. 21 Compliance Courier.

January 10, 2014 - High-Cost/HOEPA Mortgage Loans. See our guidance in the Jan. 11 Compliance Courier.

January 10, 2014 - Homeownership Counseling Disclosures. See our guidance in the Jan. 11 Compliance Courier.

January 18, 2014 - Disclosure and Delivery of Free Copies of Appraisals – Reg. B. See our guidance in the Jan. 21 Compliance Courier.

January 18, 2014 - Appraisals for Higher-Priced Mortgage Loans. See our guidance in the Jan. 17 Compliance Courier.