Eighty-eight percent of respondents to a NAFCU survey say their credit unions will reduce originating mortgage products that don't conform to the Consumer Financial Protection Bureau's "qualified mortgage" standard, or discontinue the products altogether.
The survey was published Wednesday in the trade's May Economic and CU Monitor newsletter and asked participants a variety of questions regarding how CFPB rules have impacted their operations.
Forty-four percent of respondents said they will reduce their originations of non-QM mortgages, while the other half said they would cease non-QM originations completely. The CFPB's qualified mortgage rule will take effect Jan. 10. The Federal Housing Finance Agency announced May 6 it will cease purchasing non-QM mortgage loans on the rule's effective date.
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