PolicyWorks Launches CFPB Mortgage Policies & Procedures Review

 

DES MOINES, IA (December 11, 2013) — PolicyWorks, a national leader of credit union compliance solutions, today announced the availability of a mortgage policies, procedures and forms review service. The service helps credit unions comply with the new mortgage rules issued by the Consumer Financial Protection Bureau that are effective in January 2014. PolicyWorks will review a credit union’s mortgage policies and procedures and make any necessary changes per the rules’ requirements.

“PolicyWorks will do the heavy lifting to get those policies and procedures required by the new mortgage rules into place,” said Andrea Stritzke, PolicyWorks vice president of regulatory compliance. “Our compliance professionals are very familiar with these mortgage rules so they can spot trouble areas and make the necessary adjustments to get credit unions examiner-ready.”

The PolicyWorks Mortgage Policies & Procedures Review covers the following segments of the new mortgage regulation:

• Ability to repay and qualified mortgages
• Loan originator compensation, qualifications and training
• Homeowner counseling
• Higher priced mortgage loan (HPML) escrow and appraisals
• Truth In Lending Act (TILA) servicing
• Real Estate Settlement Procedures Act (RESPA) servicing
• Regulation B appraisal requirement