Despite challenges, this report from the Filene Research Report, offered exclusively for CU Times readers, argues credit unions need to be in housing finance.
Credit unions have been preparing to comply with several new mortgage rules that take effect Jan. 10.
CUNA attorney says credit unions will continue to make QM business decisions up to today's compliance deadline.
Qualified mortgage rules ready to roll while efforts to stall continue.
Fewer than 1% defaults on full-financing mortgage option, biggest credit union says.
By now, credit union leaders have become accustomed to new regulations coming down the pike. Less awareness exists, however, for the importance of moving early on the steps it takes to comply with these new regulations.
Tehachapi Federal Credit Union and Kern Schools Federal Credit Union last week announced that they will merge.
California consolidation adds 383 members to Bakersfield credit union.
Survey also finds that more than one-third of credit unions originated mortgages in 2012 that would not fit under new rule.
Two credit unions, NASA Federal Credit Union and Navy Federal Credit Union, are offering members mortgages without requiring any down payment or mortgage insurance.