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
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
13 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
14 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
15 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
16 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
17 hours ago