Most credit union and CUSO mortgage programs will see minimal impact from Fannie Mae and Freddie Mac's limiting the secondary market to only qualified mortgages, according to credit union and CUSO executives.
The two government-owned housing finance giants announced Monday that their regulator, the Federal Housing Finance Administration, had ordered the move to take effect on Jan. 10, 2014.
At that point, they will no longer buy loans that don't conform to the Consumer Financial Protection Bureau's qualified mortgage rule.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
