CU*Answers, a 100% credit union-owned CUSO, is getting ready for the new TILA-RESPA Mortgage Regulations. CU*Answers has been working on this project for over a year now by first meeting in June 2014 to understand the programming and compliance nuances of the regulations. The CUSO researched the impact the reg. change would have on existing clients, and worked with form providers to create a plan of action.

This new regulation takes effect on August 1, 2015, at which point credit unions will be required to use the new Loan Estimate and the Closing Disclosure forms for mortgage loan transactions. These new mortgage loan forms were developed as part of the Know Before You Owe project, an initiative in which the Consumer Financial Protection Bureau (CFPB) combined the previously separate Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) disclosures as required by the Dodd-Frank Act.

What is CU*Answers Doing? The Programming, Lending*VP and Compliance Teams at CU*Answers are in the final stages of completing the custom programming and input fields with CU*BASE. They also have contacted the forms providers to discuss their action plan and the programming team at CU*Answers is meeting bi-weekly to review the project.