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Two-part session: CFPB Regs on Ability to Repay and Qualified Mortgages & 2014 NCUA Fair Lending Examinations

Fri, Sep 13, 2013

Columbia, Maryland

Effective January 10, 2014 – CFPB Regulations on Ability to Repay and Qualified Mortgages.

After issuing over 1,000 pages of regulations to address the underwriting requirements for first mortgage loans and a mandatory evaluation to ascertain the member's ability to repay the mortgage, the CFPB has spent the summer updating the regulations. The new rules take effect approximately 70 days from this very timely seminar. If the requirements of the regulations are not met, your credit union may have difficulty selling the mortgage in a secondary market.

Andy Keeney, Esquire, co-chair of the Kaufman & Canoles National Credit Union Team, will address the new underwriting guidelines, loan reviews and loan approvals. There will be detailed discussions regarding pros and cons of qualified mortgages. You will walk away with a to-do list, best practices, and checklists to help your credit union get ready for the January regulations.

Keeney will also cover 2014 NCUA Fair Lending Examinations.  NCUA and the CFPB have made it very clear that fair lending is something that should be on everyone's compliance agenda. NCUA has issued a new fair lending guide and announced that they will be conducting fair lending examinations for 2014.

This program will provide you with an overview of the fair lending laws and regulations and make sure you understand the significance of the warnings/guidance that NCUA has provided the credit union. A comprehensive list of all fair lending documents has been compiled and all participants will receive the documentation including checklists, best practices and a comprehensive handbook of all that is available on fair lending.

About the CFPB regulations, Keeney said, “The new rules take effect approximately 70 days from this very timely seminar. If the requirements of the regulations are not met, your credit union may have difficulty selling the mortgage in a secondary market.”  

 

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