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Washington
NCUA to take up charter second mortgage maturity rules
ALEXANDRIA, Va. (12/14/09)--The National Credit Union Administration (NCUA) at its upcoming board meeting, which will take place at 10 a.m. ET on Dec. 17, will consider a final rule on exceptions to the maturity limit on second mortgages. The NCUA final rule would create a limited exception to the 20- year maturity limit on second mortgage loans, allowing federal credit unions that are taking part in the Treasury Department’s Making Home Affordable (MHA) Program to extend second mortgages beyond 20 years in order to match the term of a modified first mortgage , which can have up to a 40-year maturity. The Credit Union National Association supported this exception in a comment letter on the final rule, and added that the exception outlined in the rule should apply to all loan modifications, regardless of whether they are undertaken as part of the MHA Program. The NCUA will also discuss a proposed rule on its chartering and field of membership policies, and it is believed that this proposed rule will streamline the community credit union charter process, as discussed by NCUA Chairman Debbie Matz at the Nov. meeting. The board will also be updated on the status of its insurance fund during the meeting. A closed meeting of the board will follow the open session, during which the NCUA will discuss supervisory activities, personnel matters, and Cedar Point FCU’s appeal of a denied request to convert to a community charter.


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