Qualified mortgage rules ready to roll while efforts to stall continue.
Guidance issued by NCUA, Fed, FDIC and OCC says QM rules compatible with Community Reinvestment Act.
A group of 26 U.S. senators wrote a letter to CFPB Director Richard Cordray urging him to delay new mortgage rules set to take effect in January 2014.
WASHINGTON—Richard Cordray, director of the Consumer Financial Protection Bureau, defended his agency’s qualified mortgage regulations against recent criticism during the Mortgage Bankers Association annual convention here Oct. 28. (See more coverage on page 3.)
If a credit union or other mortgage lender makes the business decision to only offer qualified mortgages, that fact alone would not increase the likelihood of a fair lending exam.
New mortgage lending rules from the Consumer Financial Protection Bureau could affect the willingness of credit unions to offer new mortgage loans, a new CUNA survey showed.
WASHINGTON — CFPB director tells confab that 95% of current mortgage lending will qualify.
Agency joins other regulators in addressing concerns about liability under Equal Credit Opportunity Act.
Shoring up qualified mortgage safe harbor provisions could require credit unions to double down on their traditional strengths and sharply improve documentation, according to legal experts.
By the time next year rolls around, Truity Credit Union in Bartlesville, Okla., will be ready to comply with new mortgage loan requirements from the Consumer Financial Protection Bureau. Thanks to policies and procedures already in place, the final adjustments won’t likely be traumatic for the credit union.