Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Latest On Escrow, ARM Notices, Flood Insurance Highlighted In CompBlog
WASHINGTON (6/12/13)--Answers to key escrow account, force-placed insurance and adjustable rate mortgage (ARM) questions are all featured in recent posts on the Credit Union National Association's regulatory and compliance resource, CUNA CompBlog.

The escrow blog post takes on ten popular credit union questions regarding the Consumer Financial Protection Bureau's new rule, including: 

  • Does the new escrow rule apply to mortgage loans a credit union already has on the books;
  • Are credit unions that meet all four of the criteria to be exempt from the new 5-year mandatory escrow account requirement still required to follow the 1-year escrow account requirement; and
  • Are credit unions required to establish an escrow account for a higher-priced loan secured by a trailer, if the member is living in said trailer.
Can a credit union force-place hazard insurance on a past-due mortgage account if the associated escrow account does not have enough funds to cover the hazard insurance premium? This question is also answered in CompBlog.

CUNA in the blog also clarifies another question regarding the CFPB's Regulation Z mortgage servicing final rule. Credit unions and others, CUNA explains, will not need to send ARM notices to their members and customers before the final rule is effective.

For more of these question and answer pieces and other CompBlog compliance gems, use the resource link.
RSS print
News Now LiveWire
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
20 minutes ago
Rep. Capito on #HR5148: This is common sense reform...could work well in areas with avg home price less than $200K, would help those buyers
22 minutes ago
.@FinancialCmte is now discussing #HR5148. Act would amend TILA to exempt high-risk mortgages from property appraisal reqs
24 minutes ago
Reps. Hensarling and Luetkemeyer have pledged to ensure #creditunion parity before #HR4042 sees action on House floor
28 minutes ago
The @FinancialCmte has ordered a recorded vote for #HR4042. There will be no #creditunion amendment to the bill.
30 minutes ago