Jan. 10, 2013 – NAFCU’s Carrie Hunt and Tessema Tefferi are headed to Baltimore this morning for a CFPB field hearing on mortgage policy that kicks off at 11 a.m. at Westminster Hall.
Hunt, NAFCU’s general counsel and vice president of regulatory affairs, and Tefferi, senior regulatory affairs counsel, said today’s discussion could focus on any or all of the CFPB’s current mortgage rulemakings: ability to pay and the qualified mortgage standard; escrow accounts; higher-priced loans; mortgage servicing; and mortgage loan originator compensation.
NAFCU is submitting a letter for the record of today’s hearing on mortgage policy. Sent by association President and CEO Fred Becker to CFPB Director Richard Cordray, the letter reiterates NAFCU’s recommendation that credit unions be given adequate time to implement each of the bureau’s mortgage rules.
Becker also urges that the CFPB be flexible following the rules’ issuance and to be open to revising those rules based on feedback from stakeholders.
The letter also addresses specific issues regarding the QM rule and regulations implementing the Home Ownership and Equity Protection Act, both of which will be issued today, as well as servicing and loan originator compensation.
The CFPB plans a second hearing Jan. 17 in Atlanta.