CUNA thanks CFPB for supporting CUNA-backed changes to qualified mortgage rules

WASHINGTON, DC (January 29, 2015) — The Credit Union National Association (CUNA) today thanked the Consumer Financial Protection Bureau (CFPB) for supporting CUNA-backed changes in its regulations on residential mortgage loans. President and CEO of CUNA, Jim Nussle, released the following statement:

“CUNA is very pleased the Consumer Financial Protection Bureau is proposing significant changes regarding its “small creditor” and rural and underserved exemptions to its mortgage rules.  Raising the origination limit from 500 first-lien mortgage loans to 2,000, excluding loans held on portfolio, and several other proposed changes announced today all represent significant improvements to the rules.  CUNA fervently advocated to the Bureau to take another look at these areas, and we thank them for listening to the concerns of credit unions.  More work still needs to be done, but this is an important step in the right direction.

“We’re working with our mortgage lenders and member credit unions to submit a robust comment letter on these proposed changes. The changes announced today will benefit a number of community lenders, including credit unions, across the country. Ultimately, the real winners are communities.  As credit becomes more available, it’s the growth of the communities across America that will develop in the long run.”

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