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Tag Archives: qualified mortgage

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

Posted in Credit Cards, Mortgages

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage provisions of Dodd-Frank.  The adjustments reflect changes in the Consumer Price Index in effect on June 1, 2016 and will take… More >

CFPB QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

Posted in Mortgages

The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November 3, when it was published in the Federal Register.  (The only exception is a commentary revision in the final rule dealing with… More >

CFPB finalizes amendments to mortgage rules

Posted in CFPB Rulemaking, Mortgages

The CFPB has issued a final rule amending certain provisions of the 2013 Title XIV final mortgage rules.  While in its press release the CFPB describes the amendments as “minor adjustments to its mortgage rules,” the final rule contains several major changes from the CFPB’s proposal. QM Points and Fees Cure.  Generally, to be considered a… More >

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Posted in Auto Finance, Military Issues, Mortgages, Payday Lending

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the following items of noteworthy information:  The CFPB will be issuing a white paper later this summer regarding use of the proxy methodology for… More >

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

Posted in CFPB General, CFPB Rulemaking, Federal Agencies, Mortgages

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans.  Under the proposed rule, all purchase money origination loans and refinances other than certain interest rate reduction refinance loans (IRRRL) guaranteed or insured by the VA are defined as… More >

House Financial Services Committee to hold hearing on QM rule

Posted in Mortgages

The House Financial Services Committee has announced that on Tuesday, January 14, it will hold a hearing entitled “How Prospective and Current Homeowners Will Be Harmed by the CFPB’s Qualified Mortgage Rule.”  The witnesses scheduled to appear are: (1) Jack Hartings, President and Chief Executive Officer, The Peoples Bank Co., on behalf of the Independent… More >

CFPB’s fact vs. fiction guide: useful information for consumers or defense planning?

Posted in Mortgages

With the January 10 effective date imminent, the CFPB has issued what it labels a “fact vs. fiction guide” on its ability-to-repay/qualified mortgage rule.  According to the CFPB, the guide is intended “to help dispel some of the most common misconceptions about what this new rule actually means for consumers.”   It appears that the primary “misconception” the CFPB… More >

Will the CFPB’s mortgage education campaign encourage consumers to sue?

Posted in Mortgages

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.”   Consumers could, however, misinterpret the CFPB’s message as an encouragement to sue.  The CFPB’s campaign consists of various educational materials. Among these materials is a factsheet on the new rules. … More >

Prudential Regulators Clarify Supervisory Approach Relative to CFPB Mortgage Regulation

Posted in Mortgages

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Prudential Regulators”) have issued an Interagency Statement on Supervisory Approach for Qualified and Non-Qualified Mortgage Loans (the “Interagency Statement”). In anticipation of the January 10, 2014… More >

CFPB joins interagency statement on qualified mortgage fair lending risks

Posted in Fair Lending, Mortgages

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 >

Agencies propose changes to QRM exemption and additional exemptions

Posted in Mortgages

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 >

House to hold hearing on CFPB ability to repay/QM rule

Posted in Mortgages

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 >

Qualified mortgage remorse?

Posted in Mortgages

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 >