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.
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.
By the time next year rolls around, Truity Credit Union in Bartlesville, Okla., will be ready to comply with new mortgage loan requirements from the Consumer Financial Protection Bureau. Thanks to policies and procedures already in place, the final adjustments won’t likely be traumatic for the credit union.
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.