CU Trades Concerned about Latest CFPB Mortgage Proposal
While the proposed changes to the mortgage rules just issued by the CFPB will benefit many credit unions, both NAFCU and CUNA still have concerns that the proposed rule does not go far enough. On the plus side, the small lender exemption limit from ATR/QM requirements could increase from 500 mortgage loan originations per year to 2,000 per year. However, since credit unions didn’t cause the mortgage abuse that led to stricter regulation, the trades continue to argue that all credit unions should be exempt. [1/30/15]
