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CFPB Hits Home Run on Mortgage Rule Revisions.
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- Author(s): Witkowski, Rachel
- Source:
American Banker. 5/31/2013, Vol. 178 Issue F321, p21-21. 1p.
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- Additional Information
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- Abstract:
The article discusses the U.S. Consumer Financial Protection Bureau's (CFPB's) revision of mortgage rules that will go into effect on January 10, 2014. The article notes the CFPB outlined requirements for assessing a borrower's ability to repay a loan and defined a qualified mortgage (QM) that has safe harbor protection from legal liability. It also mentions the CFPB will conduct a market impact study on the balloon loan exemption which allows small lenders to count this type of loan as a QM.
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