CFPB director sets the record straight on new rules and their effect on credit union mortgage lending.
CFPB Director reassures Realtors credit unions can still make mortgage loans that don't conform to the bureau's qualified mortgage rule, which took effect Jan. 10.
Regulator also encouraged NAR members to spread awareness of CFPB's online complaint database.
CUNA attorney says credit unions will continue to make QM business decisions up to today's compliance deadline.
Qualified mortgage rules ready to roll while efforts to stall continue.
Mortgage Bankers Association says its index showed uptick.
If a credit union or other mortgage lender makes the business decision to only offer qualified mortgages, that fact alone would not increase the likelihood of a fair lending exam.
CFPB on Wednesday issued an amended final qualified mortgage rule that provides new exemptions for small lenders.
FHFA said the GSEs will generally not buy loans that don't meet the CFPB's new "ability to repay rule."
NATIONAL HARBOR, Md. — Credit unions told how and why they need to get going now on new underwriting standards coming down.