Credit unions reported devoting considerable staff time and resources to comply with TILA-RESPA Integrated Disclosure regulations, effective on mortgage applications accepted after Oct. 3.
Mark Wilburn, chief lending officer at the $719 million, 71,000-member Truity FCU estimated that the Bartlesville, Okla.-based cooperative would spend an extra $50 to $60 per loan on hard costs for the additional procedures. He also said the credit union spent hundreds of hours researching vendor options, reviewing requirements, testing the new systems and training loan officers and processors.
According to the credit union's 5300 report, Truity originated 775 mortgage loans in 2014 for roughly $137 million. As of Sept. 30, 2015, the credit union originated 896 loans for $171 million. If the credit union originated those loans under the new rules, they would cost an additional $45,000 to $54,000.
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