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.
Navy Federal, NASA FCU have different philosophies, same approach to dealing with risk from mortgage loans with no down payments.
Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.
Compliance specialists cite shortcomings for credit unions in CFPB's new qualified mortgage exemption.
Credit union says it's the crest of a very strong housing year.
Agencies go after what they said were misleading ads
Thanks to the real estate bubble and its aftermath in the Great Recession, housing finance has become an increasingly important driver for credit union membership, according to credit union executives around the country.
Find out in this preview from next week's print edition how revived housing demand is driving credit union membership growth.