The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow, May 21, on “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule.” There will be one panel consisting of two witnesses from the CFPB. The CFPB officials scheduled to appear are Peter Carroll, Assistant Director… More >
Tag Archives: qualified mortgage
Qualified mortgage remorse?
Posted in MortgagesCould the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit? In his remarks earlier this week to the Credit Union National Association, Director Richard Cordray told mortgage executives that “the current mortgage market is so tight that lenders are leaving good money on the table by not… More >
Quoth the CFPB: “Nevermore” on loans made to consumers who can’t repay
Posted in MortgagesOn January 10, 2013, the CFPB issued the long-awaited ability to repay/qualified mortgage rule and, while the devil will be in the details, it appears that cautious optimism for the mortgage industry is warranted. The industry fought hard for the creation of a safe harbor for qualified mortgages and the rule includes a safe harbor… More >
Trade groups weigh in (again) on qualified mortgage rule
Posted in CFPB Rulemaking, MortgagesAmong the most anxiously awaited final rules to be issued by the CFPB is the rule implementing the provisions in Title XIV of the Dodd-Frank Act that amended the Truth in Lending Act to create new ability to repay requirements. Under Dodd-Frank Section 1412, a loan that meets the definition of a “qualified mortgage” (QM)… More >
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