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.
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BOSTON — Minnesota CEO Jeff Schwalen says he loses money on smaller mortgages because of 3% closing costs limit.
To help promote increasing business lending access, Minnesota credit union representatives traveled to Washington, D.C., for a Hike the Hill event.
The Minnesota Credit Union Network recently welcomed participants of the International Visitor Leadership Program to its St. Paul office.