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Credit unions received a comprehensive overview of the CFPB's ability-to-repay and qualified mortgage rule with details of how it will impact credit union mortgage lending operations during an Aug. 21 webcast.

NAFCU's webcast, "The CFPB's Qualified Mortgages and Ability-to-Repay Rules Update," included industry leader speakers Richard J. Andreano, Jr., partner of Ballard Spahr, and Associate Reid F. Herlihy, who both have mortgage lending and consumer finance experience.

Takeaways from the webcast included:

• exemption levels that were recently finalized,
• safe harbor changes,
• exemptions for small credit unions, and
• the Fannie Mae/Freddie Mac underwriting exemptions.

This webcast is part of the CFPB Mortgage Reform Webcast Series to help credit unions through the significant impact of the CFPB mortgage rules. CFPB issued a final rule amending its ability-to-repay and qualified mortgage rule that was originally issued on Jan. 10, 2013. This rule is effective for applications received by a creditor on or after Jan. 10, 2014.

This Aug. 21 webcast will remain available for purchase for one year; registrants will be able to access the archived file on demand for the same period.