Winter Whites Out CFPB's Effect on Mortgage Lending
The jury is still out on whether new regulations are slowing down mortgage lending. It could just be the weather.
According to data collected by the Mortgage Bankers Association, applications for purchase money mortgage loans are running 15% behind the association's forecasts for this year. The MBA had predicted this would be the year purchase money lending volume would surpass refinances in the U.S.
Andrea Stritzke, vice president of regulatory compliance at PolicyWorks, an Iowa-based consulting CUSO, agreed that more time has to pass to really measure the impact of the new regulations on credit union mortgage operations and members.
She did note the CFPB has complicated issues credit unions face in mortgage lending by approving rules and then revising them three, four or five times.