On Compliance: Qualified Mortgage Exception by Andrea Stritzke

On Compliance: Qualified Mortgage Exception by Andrea Stritzke

 

As predicted, the Consumer Financial Protection Bureau made plenty of waves with the mortgage regulations it finalized last month. Understandably, many credit unions are confused and maybe even a little anxious about how the new rules will impact their ability to serve members who dream of becoming homeowners.

Beyond simply digesting (and understanding) thousands of pages issued by CFPB, credit union leaders must wrap their heads around a proposed exception that has left many to wonder: “Does this new ‘ability to repay/qualified mortgage’ rule apply to my credit union and, if so, how?”

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