Credit Unions Voice Opposition to CFPB’s Mortgage APR Proposal

Tue, 2012-10-16 06:52 — Mortgage News Ticker

According to comment letters regarding the Consumer Financial Protection Bureau’s proposed mortgage servicing rules, credit unions are strongly opposed to changes in disclosed annual percentage rates, and are also asking for more time to implement the final rules.

The proposed rules, issued July 9 and scheduled to be finalized by January 2013, would redefine APR by eliminating loan cost exceptions currently allowed in Reg Z.

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