NAFCU
seeks feedback on potential QM patch changes
NAFCU Wednesday sent a
Regulatory Alert to member credit unions seeking comment on the CFPB's advance
notice of proposed rulemaking regarding revisions to the definition of a qualified
mortgage (QM) under the Truth in Lending Act (TILA). The Temporary Government-Sponsored
Enterprises (GSE) QM Patch allows loans purchased or guaranteed by the GSEs to
exceed the bureau's 43 percent debt-to-income ratio.
Credit
card company expands faster payments presence
Mastercard Wednesday
announced its majority purchase of a Denmark company that features an electronic-billing
platform and clearing and instant-payment services. Earlier this week, the Federal
Reserve also announced that it will move forward with its development of a real-time gross settlement service.
CFPB
publishes update on credit access
The CFPB yesterday published an update
on credit access and the bureau's No-Action Letter (NAL) policy. The core
of the update focused on the bureau's testing results of a machine learning
model from Upstart Network – a nonbank lender that uses alternative credit data
to support underbanked consumers – which revealed that the company was able
to improve access to credit without triggering fair lending risks.
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Americans
optimistic about mortgage rates
A recent survey from Fannie Mae found
that two-thirds of homebuyers in 2018 shopped around for their mortgage lender,
helping them find more favorable loan terms. In addition, the government-sponsored
enterprise's July Home Purchase Sentiment Index (HPSI) hit a new high as
respondents indicated favorable mortgage rate expectations over the next year.
