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News Now

Washington
CUNA seeks comments on mortgage rule amendments
WASHINGTON (5/15/14)--The Credit Union National Association is seeking comments from credit unions on a Consumer Financial Protection Bureau proposal that would amend certain mortgage rules issued in 2013.

One proposed rule would provide an alternative definition of "small servicer" for nonprofit entities that service, for a fee loans, on behalf of other nonprofit chapters of the same organization.

Another proposal from the CFPB would amend the Regulation Z ability-to-repay requirements to provide that some interest-free, contingent subordinate liens originated by nonprofit creditors will not be counted toward the 200 mortgage loan credit extension limit.

The proposed rule would provide a limited, post-consummation cure mechanism for loans that are originated with the good faith expectation of qualified mortgage (QM) status but that actually exceed the points and fees limit for QMs.

The CFPB is seeking comments on how to provide a limited, post-consummation cure or correction provision for loans that are originated with a good faith expectation of QM status, but that actually exceed the 43% debt-to-income ratio limit that applies to certain QMs.

The CFPB is also seeking feedback and data from smaller creditors regarding implementation of certain provisions of the 2013 mortgage rules that are tailored to account for small creditor operations and how their origination activities have changed in light of the new rules.

Comments are due to CUNA by May 30, with a CFPB deadline of June 5.

For the CUNA comment call, use the resource link.

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