Even though the NCUA was not among six federal agencies who said Wednesday they will revise their proposed qualified residential mortgage rules, credit unions could still feel the effects of the change.
The revisions will put the six agencies, which include the FDIC, in line with the Consumer Financial Protection Bureau's definition of a qualified mortgage.
The revised rule from the FDIC and the other agencies also requested comment on an alternative definition of QRM that would include additional underwriting standards not included in the CFPB's rule.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
