January 16, 2013
At first glance, a proposed rule issued Jan. 10 by the CFPB that provides a qualified mortgage exemption to institutions with fewer than $2 billion in assets is a big win for small lenders.
However, upon further analysis, compliance experts say the proposed rule doesn’t provide much regulatory relief to credit unions after all.
Andrea Stritzke, vice president of regulatory compliance for the Des Moines, Iowa-based compliance firm PolicyWorks, said the proposed rule eases the 43% debt-to-income ratio requirement for qualified mortgages for small lenders that fund fewer than 500 mortgages per year.
Read more at CUTimes.com