The CFPB on Monday finalized several changes to mortgage rules it proposed in January.
For credit unions, the most important change increased the small creditor exemption from qualified mortgage rules from 500 total loans per year to 2,000. Loans held in a credit union's portfolio, or its affiliates, will not be included in the total, the CFPB said in a release.
However, the new rule also includes the assets of a lender's mortgage-originating affiliates in its asset limit for small creditor status. That limit is $2 billion.
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