Credit Unions Push CFPB for QM Exemptions.
Watch the video here >> http://mortgageshots.com/credit-unions-push-cfpb-for-qm-exemptions/
One thing you gotta say about Credit Union Associations, they’re not afraid to the CFPB for what they want. In this case it’s additional exemptions for qualified mortgages. Their thinking is that they were not the source of the mortgage melt down. That makes sense. Credit Unions either didn’t have the balls or foresight to originate sub-prime crap. Or maybe they were just smarter than the rest of us. Or perhaps they weren’t as greedy. Either way, that’s not the point. How I see it is rules, compliance, enforcement, and application, has “one best practice.” Meaning, what’s good for one group of lenders should be the same for all other groups. For instance, burglary is burglary, regardless of who you are or where you rob. That’s the approach we should take toward mortgage lending. Not surprisingly Credit Unions don’t agree with this position, and unfortunately the CFPB seems to, in part, agree with Credit Unions