Article written by:
Karen Janota, AAP, BSACS, CUCE
Manager, Assurance & Business Advisory Services
Today, Wednesday, April 29, 2020, the Consumer Financial Protection Bureau (Bureau) took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic.
The Bureau has issued guidance to address certain stakeholder questions and concerns regarding the impact of COVID-19 on the mortgage origination process. The Bureau’s latest COVID-19 guidance addresses several items, including:
- TRID (TILA-RESPA Integrated Disclosures) three-day waiting period requirements
- Regulation Z consumer recession rights
- ECOA and Regulation B appraisal and written valuation requirements
For additional insight, view the Consumer Financial Protection Bureau’s latest announcement. GBQ’s Credit Union Services team is here to help you during these challenging times. For assistance or to discuss this information further, please contact us today.