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The interpretive rule explains that because an heir has already acquired the title to the home, adding the heir as a borrower on the mortgage does not trigger the Ability-to-Repay requirements. The rule does not require the creditor to determine the heir’s ability to repay the mortgage before formally recognizing the heir as the borrower. As the named borrower, the heir may more easily be able to obtain account information, pay off the loan, or seek a loan modification.
The interpretive rule can also apply to other transfers, including transfers to living trusts, transfers during life from parents to children, transfers resulting from divorce or legal separation, and other family-related transfers.
NCUA'S PARTICIPATION LENDING WEBINAR
updated 08/31/15 05:08 PM
Plus, Procedures for Sensitive Info
Credit unions considering participation lending can get valuable information during an upcoming webinar, “Participation Lending in a Safe and Sound Manner,” offered by the National Credit Union Administration (NCUA).
ACCESS COMPLIANCE BULLETINS TODAY
updated 08/24/15 10:09 AM
Plus: 'NCUA Report' Posted
As a reminder, “TIPS Bulletins” have transitioned to PolicyWorks and will continue as compliance bulletins on the PolicyWorks website.