NCUA in January issued a series of regulatory alerts on the CFPB’s mortgage lending rules.
The alerts include:
♦ Regulatory Alert 14-RA-01: Ability-to-Repay and Qualified Mortgage Requirements from the CFPB;
♦ Regulatory Alert 14-RA-02: New Homeownership Counseling and Consumer Protection Requirements from the CFPB; and
♦ Regulatory Alert 14-RA-03: Mortgage Servicing Requirements from the CFPB under the Truth in Lending Act.
In addition, NCUA issued Supervisory Letter 14-CU-01: Supervisory Guidance on Qualified and non-Qualified Mortgages. The letter provides a preview of how credit union mortgage lenders should comply with the CFPB’s ability-to-repay rule.