Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Compliance Who can request a loan mod
WASHINGTON (4/27/09)—For loan modifications under the Obama "Making Home Affordable" plan, credit unions cannot solicit borrowers who are current or less than 31 days delinquent on their mortgage payments,note the compliance experts at the Credit Union National Association (CUNA). However, they remind credit unions that such members can contact the credit union to request modification of their mortgage payments if they are at risk of “imminent default”. The Obama administration program will then require the credit union to determine that the borrower is in fact “in danger of imminent default and underwrite the mortgage to program terms” using either the stated-income or income-documentation processes. For more compliance information, use the resource link below to visit the CUNA Compliance Challenge.
Other Resources

RSS





print
News Now LiveWire
American Banker reporter follows up with CUNA's Schenk on holiday spending survey results http://t.co/T5DmIWUkaM
49 minutes ago
CFA/CUNA holiday survey spending plans results http://t.co/uyZtkNfkmD
53 minutes ago
CUNA/CFA give holiday spending tips:budget,compare,pay off quickly,save early for next year.
55 minutes ago
CFA's Brobeck points consumers to the better rates and fees at #creditunions
58 minutes ago
Households w incomes less than $25,000 fared worse over yr than those over $100,000 Brobeck notes
59 minutes ago