WASHINGTON — Despite dire predictions by banks and others that new mortgage rules by the Consumer Financial Protection Bureau would cut off access to credit, the industry is performing well two years after the regulations went into effect, according to the agency's top official.

Speaking at a credit union conference, CFPB Director Richard Cordray said that many feared the "Qualified Mortgage" rule would slash mortgage originations in half and set off a wave of lawsuits against lenders that dared to make non-QM loans. But that has not occurred.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.