CU*Answers, the 100% credit union-owned cooperative CUSO, is putting the final touches on a new mortgage periodic statement required per Regulation Z as of January 31, 2014.  Although many of our credit union clients meet the small servicer exemption and are not required to generate mortgage statements, we are ready for those who qualify per CFPB rules.

Jim Vilker, VP of Professional Services and head of the CU*Answers compliance division, stated “This was one of our tougher projects because, although the regulation was promulgated back in February, the final interpretations continued into September leaving a relatively short window to complete the specifications, programming, and print vendor coordination.  We have 42 credit unions that will be using the new statement by virtue of total count or affiliation with mortgage CUSOs”.

More specific information can be found in the CU*Answers Announcement dated January 13, 2014.