WASHINGTON (4/15/14)--The Credit Union National Association met with new Federal Housing Finance Agency Director Mel Watt Monday, raising a number of issues of concern to credit unions.At the FHFA meeting, the sale in the secondary market of non-Qualified Mortgage (QM) loans, containing guarantee fees, and increasing loan limits for eligible loans were among the issues CUNA addressed with Watt and members of his senior staff. Other issues that CUNA discussed during the session included the director's priorities, the role of credit unions in the mortgage market and CUNA's efforts on housing finance reform to ensure credit unions' interests are fully protected.
CUNA President/CEO Bill Cheney stated after the meeting, "This was an important inaugural meeting with Director Watt as he has only been at the agency for about 100 days.
"Credit union mortgage lenders, which have about 7% of the single family home loan market, are very concerned about these issues. This discussion provided an important opportunity to ensure credit union concerns, including fair and equitable access to the secondary mortgage market, are given due consideration by the agency."
Cheney was accompanied by General Counsel Eric Richard, Deputy General Counsel Mary Dunn, Senior Vice President for Legislative Affairs Ryan Donovan and Chief Economist Bill Hampel.
CUNA will be following up with FHFA staff in the coming weeks to continue to advocate for credit union issues. Also on Monday, CUNA staff attended another in a series of White House housing finance reform policy discussions. (See related story: CUNA warns of reg burden at White House housing finance policy discussions.)