Guidance issued by NCUA, Fed, FDIC and OCC says QM rules compatible with Community Reinvestment Act.
A group of 26 U.S. senators wrote a letter to CFPB Director Richard Cordray urging him to delay new mortgage rules set to take effect in January 2014.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
New mortgage lending rules from the Consumer Financial Protection Bureau could affect the willingness of credit unions to offer new mortgage loans, a new CUNA survey showed.
WASHINGTON — CFPB director tells confab that 95% of current mortgage lending will qualify.
Agency joins other regulators in addressing concerns about liability under Equal Credit Opportunity Act.
Trade group says credit unions cite third-party vendor issues, fear that lending could slow or stop.
Online resources include guides, blogs, newsletters and articles about bureau's mortgage regs.
Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.
NAFCU's Becker points to provisions aimed at discouraging "frivolous lawsuits, claims or defenses."