DES MOINES, Iowa-Credit unions are breathing a little easier that they will not be subject to the raft of new CFPB mortgage rules because they believe they're exempt may be in for a surprise.

One analysis firm is noting that even if a credit union services fewer than 5,000 loans-the threshold for complying with the CFPB's more than 1,800-pages of regulations on mortgage servicing-it will still be subject to the new rules if it uses a master servicer whose total volume exceeds the threshold.

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