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New Year Brings New Mortgage Lending Regulations

In early January, numerous new mortgage rules issued by the Consumer Financial Protection Bureau (CFPB) will go into effect. The Missouri Credit Union Association (MCUA) is offering a special seminar to help credit unions determine which rules apply to them. Attorney Christy Curtis Jones, Sherpy & Jones, P.A., will instruct attendees on the following topics:

  • New escrow requirements
  • New appraisal notices requirements
  • New appraisals for HPMLs
  • New homeownership counseling
  • Ability to repay
  • Qualified mortgages
  • Restricted servicer's activity guidelines
  • Loan originator compensation and training 

Learn what steps your credit union needs to take to be in compliance, as well as the timelines for completing these actions. Penalties for not complying can range from $500 to one-percent of the credit union's net worth. MCUA is hosting this important seminar in three locations across the state. Choose the one most convenient to you, and take advantage of early-bird pricing through February 3. 

February 18
MCUA St. Louis Office
Training Room
2055 Craigshire Road
St. Louis, MO 63146
Click here to register. 

February 19
MCUA Jefferson City Office
223 Madison St. 
Jefferson City, MO 65101
Click here to register.

February 20
MCUA Kansas City Office
1828 Swift Ave.
Suite 100
Kansas City, MO 64116
Click here to register. 

Asset Size Discount Before 2/4 On or After 2/4
less than $9.99M 75% $88 $88
$10-$19.99M 50% $175 $175
$20-$29.99M 25% $262 $262
$30M +   $299 $349

If you have questions, email Julie Schulte or call 314.542.1321.