Yes, the headline probably has everyone thinking about ice cream. Perhaps that is a good thing considering the complexity and uncertainty surrounding credit union mortgage lending. Unfortunately, the truth is the CFPB’s mortgage regulations have been causing “brain freeze” for credit unions throughout the country.

CFPB Director Richard Cordray has described the new mortgage requirements as a back-to-the-basics approach to mortgage lending. In some sense, Cordray is correct. Credit unions have historically underwritten mortgage loans using clear documentation of a member’s ability-to-repay the loan. On the servicing side, credit unions have used a high-touch member service model focusing on working with members directly and upfront.

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