Letter charges former Deputy Director Raj Date, others, of writing rules and then profiting from them with new, private company.
BOSTON — The Consumer Financial Protection Bureau’s qualified mortgage rule that limits closing costs to 3% of the loan balance will have such a big impact on Midwestern credit unions, one Minnesota-based executive said he’d lose money if he complied.
Fred Becker's health scare, risk-based net worth rule, impact of merger rule and more ... check out the bottom lines here.
However, the bureau proposed some modifications to its mortgage rules on June 24 that will provide a transition period for affected lenders.
Jerry Reed, chief lending officer from the $5.3 billion Alaska USA FCU, told lawmakers during a June 18 hearing on the Consumer Financial Protection Bureau’s qualified mortgage rule that products and product features were responsible for the mortgage market meltdown, not underwriting standards.
WASHINGTON — Alaska USA FCU's chief lending officer talks CFPB qualified mortgage rule fears with House panel.
Lending officer to tell House panel on Tuesday that CFPB qualified mortgage rule severely restrict lending.
Director tells CFPB briefing that new rules aren’t intended to pressure lenders into meeting QM standards on all mortgages.