On December 4, the Fed will be holding a webinar on small creditor qualified mortgages. Presenters from the CFPB will discuss the Bureau’s ability-to-repay/QM rule and address the rule’s provisions directed at small creditors. The webinar is free and more information and a link to register is available here.
The CFPB was one of five federal regulators issuing an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the CFPB’s ability-to-repay/qualified mortgage (QM) final rule. In addition to the CFPB, the other regulators issuing the statement were the OCC, Fed, FDIC and NCUA. The statement advises creditors that the… More >
Federal regulators have issued their long-awaited revised qualified residential mortgage (QRM) proposal. The proposal, which implements Section 941 of the Dodd-Frank Act, was issued jointly by the FDIC, Fed, OCC, SEC and, with respect to portions addressing residential mortgages, the FHFA and HUD (Agencies). Section 941 generally requires the retention by the sponsor of not… More >
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 >
Could 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 >
On 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 >
Among 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 >