West Michigan based core processing cooperative, CU*Answers, has been working with third party forms vendors to ensure that the changes from the Consumer Financial Protection Bureau (CFPB) will be met. CFPB issued six final mortgage rules addressing requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).  These rules amended Regulation B, Regulation X and Regulation Z.

The Credit Union functions of Consumer Lending, Home Equity Lending, and Mortgage Lending are all affected by these rules.  The NMLSR ID (for both CU and LOO) has been added to all notes, security instruments and applications related to closed-end consumer credit transactions secured by a dwelling.

These technical changes must be complied with by Jan. 10, 2014. LenderVP*Forms has been working diligently and all forms will be meeting that deadline.