Compliance Blog

Yesterday, HUD announced that it will soon release a final regulation to amend its RESPA rule, commonly known as Regulation X.  You can read about it here.   The deadline, according to HUD officials and the press release, will be January 2010.

The changes will create a standardized Good Faith Estimate for lenders.  The final rule will also amend the HUD-1.  The final version of both documents can be access via the weblink above. 

My take: We haven't seen the actual final rule, as it wasn't available when I posted this.  NAFCU will issue a Regulatory Final and I'll certainly issue additional information here.  But 2010 will be here sooner than you think.  If your credit union does mortgage lending, I would find out who is responsible for your HUD-1 and GFE docs.  Make them aware of this.  I would also see what vendors would be involved in updating your forms and whether you'll need to make changes to any software or computer systems.  Vendors should be on top of this.  I would just give them a ring to focus their attention.

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Talk about a two-punch combination.  First you have RESPA, and then this: Yesterday, Treasury announced its final rule to implement the Unlawful Internet Gambling Enforcement Act.  Read their press release here.  The deadline for compliance is December 1, 2009.  Access the final rule here.  The final regulation, which includes the preamble,  is 121 pages long.  Ugh.  But here's how I usually attack these things.  Start reading the language of the regulation itself.  That starts on page 91 of the document.  Then if you have a question, head back up to the preamble for an explanation.