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Volume 27 - Number 20

October 3, 2016

Downloads Available: Credit Union Mortgage Activity


Credit Union Mortgage Originations ‘Thriving’ Under CFPB Regime

CFPB Director Richard Cordray appeared before credit union representatives recently and touted the performance of their industry’s mortgage operations under the bureau’s mortgage rules. “Our first set of mortgage rules have been in place for over two and a half years, and we are seeing great progress,” Cordray told the National Association of Federal Credit Unions. “In 2014, the first year of our ability-to-repay rule on mortgage origination, owner-occupied home purchase mortgages increased by 4 percent, according to HMDA data, and growth was even stronger last year: home purchase mortgages increased by an estimated 13 percent to 14 percent.” In fact, as it turns out, the mortgage industry overall actually did slightly better than Cordray said. According to analysis of ...

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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