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Tag Archives: QM

Community banks urge CFPB to expand small creditor exemption

Posted in CFPB General, Mortgages

Recently, the Independent Community Bankers of America (ICBA) and a 45-member coalition of state and regional banking associations submitted a letter to the Consumer Financial Protection Bureau (Bureau) urging the agency to expand the small creditor exemptions under certain Title XIV mortgage rules that went into effect in January 2014. The ICBA argues that changes… More >

CFPB issues proposed amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

The CFPB published a Proposed Rule offering three specific amendments to the 2013 Title XIV Final Mortgage Rules. The proposed amendments respond to concerns about origination and servicing issues.  In particular, the Proposed Rule would: (1) create a limited, post-consummation cure mechanism for mortgage loans thought to be qualified mortgages (QMs) at origination but that… More >

CFPB issues another update to the Small Entity Compliance Guide for ATR/QM

Posted in CFPB General, CFPB Rulemaking, Mortgages

The CPFB recently issued another update to the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule, to reflect changes from the October 2013 Final Rule.  The updated guide clarifies several aspects of the QM points and fees calculation, per the October 2013 Final Rule.  A new provision is included, which emphasizes that… More >

HUD issues proposed rule on qualified mortgage definition for HUD insured and guaranteed single family mortgages

Posted in Mortgages

As anticipated, HUD recently issued its proposed rule defining a qualified mortgage (QM) for HUD insured and guaranteed single family mortgages.  Under the proposed rule, published in the Federal Register on Monday, Title II single family mortgages that do not meet the points and fees requirement under the CFPB’s general QM definition will not be… 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 >