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CUNA writes to CFPB with QM, HPML pre-rule suggestions

December 18, 2020

first_img 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Credit Union National Association (CUNA) wrote to the Consumer Financial Protection Bureau (CFPB) last week asking the bureau to make regulatory changes based on several provisions signed into law last December.The provisions were part of the long-term highway funding package–Fixing America’s Surface Transportation (FAST) Act. They allow the CFPB to provide more flexibility for small creditors to qualify for exemptions to Regulation Z’s qualified mortgage (QM) balloon loan provisions and escrow requirements for higher-priced mortgage loans (HPMLs).“CUNA urges the CFPB to promptly amend TILA’s Regulation Z to allow for credit unions that make at least one (1) loan in a rural or underserved area to qualify for the exemptions from the QM balloon loan provisions and escrow requirements for HPMLs,” the letter reads.“Credit unions will benefit by being able to provide balloon loans that meet the definition of QM and being exempt from escrow requirements under certain circumstances,” CUNA wrote. continue reading »last_img

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