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.
Here are photos from the action on Wednesday at NAFCU's 46th Annual Conference in Boston.
BOSTON — NAFCU breakout session focuses on mortgage loans that don’t comply with CFPB qualified mortgage rules.
Although many credit unions may not have realized it, the second version of the federal government’s Home Affordable Refinance Program is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
Tower Federal Credit Union in Laurel, Md., handles $70 million in HARP loan applications since March, 70% of from members with loans with other lenders.
Maryland credit union says more than a quarter of its refinances since March have been through federal mortgage payment reduction program.
Even as the housing markets in many areas struggle and decline in the face of ongoing high unemployment, some credit unions have continued to offer mortgages for some of the biggest residential sales.