Because credit unions already generally abide by new finalqualified mortgage and ability-to-repay rules released Jan. 10by the ConsumerFinancial Protection Bureau, the most difficult complianceburden will be to document the process, said John Bundy, compliancemanager for CUNA Mutual.
“Credit unions may already have underwriting that looks likethis, but now they'll have to document it, and formalize those goodpractices so they can prove they're in compliance,” he said.
However, he said the “added layer of bureaucracy” may makecredit unions think twice about entering the mortgage business orincreasing market share.
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