ARLINGTON, Va.–NAFCU has sent a letter to HUD saying it supports its second revision of Form 92900-A, which is used to determine whether a borrower in a proposed mortgage transaction is eligible for the Federal Housing Administration’s (FHA’s) insurance endorsement,
In a letter by Regulatory Affairs Counsel Alexander Monterrubio, NAFCU said it also appreciates HUD’s acknowledgement of the competing priorities facing credit unions as the Oct.3 implementation date of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) Rule approaches.
"NAFCU believes HUD’s estimated November 2015 implementation date for the revised Form 92900-A provides credit unions with adequate time to implement the amended form," Monterrubio wrote. "HUD’s continued efforts to improve the clarity of its forms will allow credit unions to continue to work with borrowers in a manner that minimizes both confusion and regulatory burden."