Record mortgage volume at largest credit union.
Agency says lenders will not be required to provide the disclosures until all proposed rules are finalized sometime next year.
According to comment letters regarding the Consumer Financial Protection Bureau’s proposed mortgage servicing rules, credit unions are strongly opposed to changes in disclosed annual percentage rates, and are also asking for more time to implement the final rules.
LAS VEGAS — Credit union executives attending the annual meeting of the American Credit Union Mortgage Association received a mixture of optimism from credit union CEOs about the future of credit union housing finance and caution from a leading economist about the overall economy and the housing market.
Kudos to Callahan & Associates for acknowledging credit unions’ first-quarter record 8% U.S. mortgage market share and challenging the industry to increase that share even more, as outlined in the page 3 article in the Aug. 15 issue, “Leaders Call for a Push For More CU Market Share.”
Although many credit unions may not have realized it, the second version of the federal government’s Home Affordable Refinance Program is a more workable and beneficial for both borrowers and credit unions than its predecessor, according to housing finance executives at credit unions that have begun making the loans.
I disagree strongly with the premise behind the article, “Does NCUA Disdain the Dual System?” (Aug. 8 issue, page 1). It’s important to set the record straight.
Just one of the provisions in the Consumer Financial Protection Bureau’s proposed rules on mortgage servicers released Aug. 10 could cost credit unions tens of thousands of dollars, representatives of the industry told the bureau.
Executives from different parts of the credit union industry are hard at work to build credit unions’ share of the U.S. mortgage market even higher than the record 8% that credit union’s achieved in the first quarter of this year.
Combined mortgage disclosures, a new definition of APR, and an expansion of mortgage loans that qualify for Home Ownership and Equity Protection Act coverage were among major changes the Consumer Financial Protection Bureau proposed July 9 when it released two proposed rules.