ComplyRight - Mortgage Solution

ComplyRight – Mortgage will help you implement the CFPB’s new mortgage rules more efficiently.

The CFPB has numerous rules issued that will change how most credit unions make mortgage loans.  The ability to repay and qualified mortgage rule, mortgage servicing rules, loan originator compensation rules, and the escrow, appraisal, and high-cost mortgage rules will take credit unions substantial time and resources to learn and implement.  They will require changes to policies, procedures, and forms and will require credit unions to make many strategic decisions.  Furthermore, the CFPB is expected to issue the final rule combining the TILA and RESPA regulations and disclosures late in 2013, adding another layer of complexity.  PolicyWorks and CUNA have partnered to create two mortgage lending compliance solutions to help credit unions implement these rules. These resource bundles are designed to facilitate the management and implementation of new mortgage compliance regulations and updates affecting the credit union movement.

ComplyRight Mortgage Compliance Solution:

The ComplyRight Mortgage Compliance Solution will help you formulate and carry out an implementation plan that will have your credit union ready to comply by January 2014 and beyond.  PolicyWorks has partnered with the Credit Union National Association (CUNA) to provide training sessions and a subscription to RegTraC, including an updated mortgage compliance manual addressing the new rules, which will educate you on the rules and keep you up to date on any developments or issues as they arise.  Electronic roundtables with other subscribers to the ComplyRight Mortgage Compliance Solution will connect you with similarly situated credit unions so you can share ideas and resolve common issues.  With an annual subscription to PolicyAid, you will have access to a library of over 70 sample policies, including policies for the new ability to repay/qualified mortgage rule and mortgage servicing rules.  Lastly, compliance professionals from PolicyWorks will work individually with your credit union to create an implementation plan, draft policies and procedures, review documents, and help resolve any issues as they arise.

More information about the ComplyRight Mortgage Compliance Solution, including pricing, can be found here.

CUNA Mortgage Compliance Implementation Tool Kit:

For those credit unions looking for tools to help them with mortgage implementation but who do not need one-on-one consulting services, PolicyWorks has partnered with CUNA to provide the CUNA Mortgage Implementation Toolkit.  The Toolkit will feature access to training sessions on the new rules, template policies, and other tools that will help your credit union implement the new mortgage rules more efficiently.  For more information on the CUNA Mortgage Implementation Toolkit, click here.

Get started today. Contact us or call 855.341.4647