Credit unions and the software companies that support their mortgage loan programs have been laboring long and hard to comply with what will be seven new Consumer Financial Protection Bureau rules governing mortgage lending.
Passed down from the Dodd-Frank Act, the rules are designed to protect consumers but will those consumers know or care? More importantly, how much will it cost both members and their credit unions to comply?
Credit unions are ready to launch the new program, including $1.4 billion asset TruMark Credit Union in Trevose, Pa. In addition to helping the credit union better manage its loan program, the new laws have been cast in the right spirit, according to Tim Rawlinson, TruMark's vice president or mortgage lending.
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