Bill would ease qualified mortgage rules.
Proposed changes to the CFPB's QM rule don't go far enough.
Proposed tweaks to the points and fees cap is a nice gesture, but won't do much to help credit unions.
A proposed points and fees fix would allow mortgage lenders to refund borrowers if they exceed the 3% QM cap.
Qualified mortgage rules ready to roll while efforts to stall continue.
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.
Mortgage Bankers Association says its index showed uptick.
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.)
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.