WASHINGTON (4/3/14)--The Credit Union National Association is following up with credit unions now that the Consumer Financial Protection Bureau's new mortgage rules have been in effect since Jan. 10, seeking more information about how those rules are affecting credit union practices.
CUNA has posted a new, brief survey on its website asking questions about how credit unions are handling the requirements of the CFPB's Ability-to-Repay/Qualified Mortgage lending rules.
"We want to know if the rules are impacting credit availability in the marketplace and whether credit unions are reducing their mortgage loan product offerings as a result of having to comply with the rules," CUNA Deputy General Counsel Mary Dunn said.
The rules cover consumer closed-end mortgage loans including home-purchase loans, refinances, and home equity loans secured by the borrower's dwelling. There is a tight turn-around for the survey results. CUNA asks credit unions to respond by respond by noon (ET) on April 7--this Monday.
Use the resource link to access the survey.