Mortgage Lending Regulations

Impact

Prior to the financial crisis, not all lenders evaluated borrower's ability to repay and unfortunately this was one of the factors leading to the collapse of the housing market.  Once Congress passed the Dodd-Frank Act, new standards and rules in mortgage lending including the ability-to-repay (ATR), the Qualified Mortgage (QM), Home Mortgage Disclosure Act (HMDA), Truth in Lending Act (TILA), and Real Estate Settlement Procedures Act (RESPA) were implemented.   

Where We Stand

While credit unions generally did not participate in the risky behavior that contributed to the housing crisis, they have had to comply with the new rules and regulations created in response.  Unfortunately, compliance with these rules is often overly burdensome and difficult for credit unions and community financial institutions.   

What We've Told Lawmakers & Regulators
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