The CFPB's new mortgage servicing rule contains information on a partial exemption from early intervention requirements for borrowers in bankruptcy. During bankrputcy, mortgage servicers are exempt from the live contact requirements, according to the new rule.
Credit unions that make “Application Withdrawn” action taken reporting errors should pay close attention to the precise definition of the term, according to the NCUA. The issue was covered during a webinar Tuesday covering fair lending topics.
Share insurance coverage, as a general rule, extends National Credit Union Share Insurance Fund coverage to only credit union members. However, within the Federal Credit Union Act, there are some exceptions to the general rule.
While CUNA’s Compliance Community and CompBlog are the credit union community’s premier source for the latest compliance information, CUNA’s compliance staff will also be going “back to basics” on the second and fourth Wednesday of each month.
The new mortgage servicing rule from the CFPB clarifies the frequency of required written early intervention notices. A mortgage servicer must provide notice to a delinquent borrower no later than the 45th day of the borrower’s delinquency.
Under the CFPB’s updated mortgage servicing rules, credit unions are required to include policies and procedures relating to “successors in interest" when notice of the existence of a potential successor in interest is received.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.