February 25, 2013
One analysis firm is noting that even if a credit union services fewer than 5,000 loans-the threshold for complying with the CFPB's more than 1,800-pages of regulations on mortgage servicing-it will still be subject to the new rules if it uses a master servicer whose total volume exceeds the threshold.
And that's just one of the challenges the new rules is presenting to credit unions that offer mortgages to members, according to PolicyWorks, a consultancy that works with CUs on regulatory compliance and government/public affairs. Andrea Stritzke, VP of regulatory compliance for the firm, and Jeff Andersen, regulatory counsel, told Credit Union Journal for starters, the new rules will be a drain on resources-human and capital. Read more