Search
 

CFPB's Cordray To Realtors: CUs Still Making Non-QM Loans

Regulator also encouraged NAR members to spread awareness of CFPB's online complaint database.

By Nicholas Ballasy | Updated on January 07, 2014

CFPB Director Richard Cordray told Realtors on Tuesday credit unions will continue to offer mortgages that don’t conform to the CFPB’s qualified mortgage rule that takes effect on Friday.

“Qualified mortgages cover the vast majority of loans made in today’s market, but they are by no means all of the mortgage market.  This point is quite important, and it should not be misunderstood. These lenders, including many of our community banks and credit unions, have seen the strong performance of their loans over time,” Cordray said on Tuesday before the National Association of Realtors in Washington.

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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.