Compliance: Q and A’s mortgages, SAR errors and more
In addition to CUNA’s compliance resources such as CompBlog, eGuides and other materials, CUNA’s compliance staff fields questions from members on a regular basis.
See below for some of the most commonly asked questions and answers from CUNA compliance staff.
Q: A credit union has just approved a new mortgage loan to be used to construct a new home that will become their principal dwelling upon completion of construction. This new loan is secured by equity in the borrowers’ current principal dwelling. Is this new mortgage loan subject to the right of rescission?
A: The loan is subject to the right of rescission because of a special Regulation Z principal dwelling rule.
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