Know Before You Owe; Appraisal Forms
Written by Steve Van Beek
In late June, we blogged about the CFPB's second round of the Know Before You Owe project to combine the TILA and RESPA disclosures. Â If you didn't have a chance to look at the prototypes at that time, you can still review the disclosures and send NAFCU any comments that you might have. Â This could be design-related or actual disclosure issues that the new forms don't address. Â Kick the tires, as they say, and send us your comments (send them to Dillon Shea - dshea@nafcu.org). Â
We will share them with the CFPB in the hopes that this will not be a repeat of the 2010 RESPA changes (too soon?) Â
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Yesterday, Fannie Mae released a reminder about upcoming changes to their appraisal forms. Â The notice also discusses various training options available. Â If your credit union sells mortgages on the secondary market, be sure to take a look at these changes. Â A broader discussion of the Uniform Collateral Data Portal (UCDP) is here. Â Â