September 24, 2013

CFPB chart maps QMs for small CUs

Sept. 25, 2013 – The CFPB put out a reference chart to show small creditors, including credit unions, what types of mortgages will meet the bureau's "qualified mortgage" standard that takes effect in January.

"These charts offer an easy way to visualize how the new mortgage rules are likely to apply to certain products or transactions in a variety of circumstances. These charts are not substitutes for the regulation text and official interpretations, but they can give you an idea of where to start," the bureau said.

NAFCU offers other resources for credit unions working on mortgage rule compliance, including a consolidated regulatory text and commentary for each of CFPB's six final mortgage rules, from NAFCU's compliance team. These rules amended several federal regulations, and many of the individual regulatory sections were amended by different final rules.

NAFCU's mortgage rules page also includes Compliance Monitor articles, webcasts and more, to help credit union staff comply with the rules.