CFPB Mortgage Guidance for CUs, NCUA Posted by AVCU on 1:24 PM

The Consumer Financial Protection Bureau on Wednesday explained how how it will help regulators and lenders comply with its new mortgage regulation that were finalized last month. The new regulation defines qualified mortgages, a consumer’s ability to repay, and new rules for mortgage servicers that go into effect in January 2014.

The CFPB will coordinate with regulators to ensure they have an understanding of the new rules, and will work with NCUA to prepare training materials for examiners. The NCUA is charged with ensuring CFPB compliance for all federally insured credit unions under $10 billion in assets. The CFPB will examine those over $10 billion. The Bureau also says it will produce easy-to-understand summaries of the regulations in written and video formats. Readiness guides, which the CFPB said will be available this summer, will provide originators and servicers with compliance check lists. The CFPB will also create a consumer education campaign that will inform them about the rules.