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Colorado Adopts 'Tangible Net Benefit' Standard for Mortgage Loans

Steve Von Sickler, SVP and chief lending officer for Red Rocks Credit Union here, is also chairman of the ACUMA Regulatory Compliance Committee that drafted an extensive response to the NCUA's request for comment on subprime lending. The recently released Interagency Statement on Subprime Mortgage Lending, he said, "included most...

By Staff Writer | Updated on August 07, 2007

HIGHLANDS RANCH, Colo. — Steve Von Sickler, SVP and chief lending officer for Red Rocks Credit Union here, is also chairman of the ACUMA Regulatory Compliance Committee that drafted an extensive response to the NCUA’s request for comment on subprime lending. The recently released Interagency Statement on Subprime Mortgage Lending, he said, “included most all of our recommendations.” Of particular mention was:

* Underwriting Standards — An institution’s analysis of a borrower’s repayment capacity should include an evaluation of the borrower’s ability to repay the debt by its final maturity at the fully indexed rate, assuming a fully amortizing repayment schedule.

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