The Credit Union National Association recently reached out to member credit unions asking for more information on how the CFPB’s new rules have impacted the institutions.
CUNA posted a brief survey on its website urging members to provide information on the effects the qualified mortgage/ability-to-repay rule, which took effect in January, have had on institutions and whether they have encountered any challenges in complying with the new 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 CFPB’s ability-to-repay/QM rules cover closed-end mortgage loans including home purchases and refinances, as well as secured home equity loans. Credit unions are encouraged to respond to the survey by noon on April 7.