Market Watch

New Regulations in the New Lending Environment

New regulations have credit unions facing a tremendous amount of uncertainty. Many credit unions wonder if the loan products they have built their mortgage business around will still be compliant in the new regulatory environment. ;Even while grappling with this uncertainty, it is likely that home equity lending will remain a favorite among credit unions.

The New Regulatory Environment

Credit unions want to make sure they are prepared for home equity lending in the new regulatory environment. To do so, appropriate staff members must become very knowledgeable about the specifics of the new regulations, and credit unions must be prepared to make any necessary operating adjustments to ensure compliance. This will likely require them to consider new tools that will help them minimize risk and ensure loan quality by the new regulations.

Property Condition and Considerations

To ensure compliance, credit unions should also take property condition into consideration. When covering small areas, credit unions can usually gather necessary property condition information for home equity lending by simply having a loan officer do a drive-by inspection. But for those covering larger areas, it is not quite that easy. Fortunately, there are Automated Valuation Models or AVM reports that include property condition details about the property exterior and neighborhood, along with photos. Credit unions can reconcile that information with the AVM value to obtain a valuation that is more accurate and in line with the latest underwriting guidelines.

Your Credit Union Home Loan Prep

When applying for a loan be prepared with a list of questions and find out if in the interim of obtaining your loan any regulatory changes may arise. Find out before to avoid problems later.

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