Lending

The CFPB’s disclosure tour has ended. They are now stuck in Washington, D.C. writing the proposed rules for closed-end, home secured loans.

This is Part 3 of the ongoing “Are we completing our GFEs correctly?” series.

“Are we completing our Good Faith Estimates (GFEs) correctly?” This is how I started out my last two blogs (posted on 11/17/2011 and 12/29/2011) and if you read them, you discovered that most credit unions are not completing the GFEs correctly…so we continue today with more common mistakes.

Today’s common mistake: Block 11 – Homeowner’s Insurance

If you have followed any of my past blog posts, you may have noticed I have discussed the Consumer Financial Protection Bureau’s (CFPB) updates to the “Know Before You Owe” mortgage documentation program. I am happy to report that there is a new update to the this program. As you may have probably heard, the CFPB has been working on the initial and closing mortgage documents throughout the past year, and they have reached Round 3 for the mortgage loan closing documents.

So much for the CFPB republishing Reg Z and not making any substantive changes. There are a couple things you should know about the CFPB’s version of Reg Z as it will require changes to your current credit card disclosures.

This is Part 2 of the ongoing “Are we completing our GFEs correctly?” series.

“Are we completing our Good Faith Estimates (GFEs) correctly?” This is how I started out my blog back on November 17th and if you read it, you discovered that most credit unions are not completing the GFEs correctly. As you can imagine, there are more common mistakes being made on the GFE than just those I described in my previous blog.

The holidays have definitely been a busy time for everyone. Buying presents and groceries and planning for holiday parties, it can really make things hectic. Showing no signs of slowing down during the holidays, the CFPB has recently released new prototype forms through the “Know Before You Owe” initiative. These forms represent the second release of forms that combine the HUD Settlement Statement and Truth-in-Lending disclosures to be given at consummation.