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Tag Archives: ability to repay

HUD Issues Proposal to Avoid FHA Loans From Being Prohibited Starting Next Year

Posted in Federal Agencies, Mortgages

On March 13, 2014, HUD published a proposal to eliminate the requirement that an FHA loan borrower be required to pay interest after the loan is prepaid.  The move is needed because the requirement would effectively cause FHA loans to be prohibited under CFPB rules starting in January 2015.  Comments on the proposal are due… More >

CFPB proposes clarifications and changes to Ability to Repay and Servicing Rules

Posted in CFPB Rulemaking, Mortgages

In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the CFPB recently issued proposed clarifications and changes to the ability to repay/qualified mortgage rule and the servicing rules. Comments on the proposal will be due 30 days after it is published in the Federal Register. The… More >

Congressional draft letter favors QM “safe harbor”

Posted in CFPB Rulemaking

U.S. Representatives Capito (R, WV) and Sherman (D, CA) are circulating a draft of a letter on the Hill which urges the CFPB to “craft a safe harbor [in the Ability to Repay/QM rule] that strikes the right balance between protecting consumers from poorly underwritten mortgages while ensuring they have access to safe and affordable… More >

CFPB’s final Ability-to-Repay rule anticipated in early 2012

Posted in CFPB General, CFPB Rulemaking

As my fellow blogger, Chris Willis, indicated in his prior post, Raj Date, the current acting director of the Consumer Financial Protection Bureau, has been actively previewing the CFPB’s forthcoming rule-making priorities. Indeed, in another speech at the American Banker’s Regulatory Symposium last week, Mr. Date elaborated on the CFPB’s goals with regard to regulating… More >

How the CFPB can help mortgage lenders

Posted in CFPB Rulemaking, Mortgages

Banks that offer mortgage products are being buried in new regulations that are straining their compliance capabilities, increasing their costs and, for community banks, threatening the viability of their entire business model. That’s the message the American Bankers Association tried to send in its recent letter to Raj Date, President Obama’s replacement for Elizabeth Warren… More >