CFPB suggests mortgage servicers continue offering COVID-related relief in nonpandemic situations
The agency expects servicers to continuing using ‘all the tools at their disposal’ to keep consumers in their homes.
Browsing: Ability to repay/qualified mortgage
CFPB seeks input on refinancing, mortgage products
The agency is exploring ways to improve mortgage refinances for homeowners who would benefit from it, especially for smaller loan balances.
ABA supports FHA’s proposed 40-year mortgage modification
By significantly lowering the monthly payments for the borrower, more homeowners would have the ability to retain their homes after default following periods of hardship.
FHA offers 40-year mortgage modification, seeks public comment to make it permanent
The Federal Housing Administration added a 40-year mortgage modification option to assist borrowers who are behind on their mortgage payments for FHA Title II forward mortgages, and hopes to make it permanent.
Regulators Signal No Changes to QRM Definition
The FDIC board yesterday determined that no changes will be made to the definition of “qualified residential mortgage” and related provisions of the credit risk retention rule, as recommended by ABA and other financial trade groups.
CFPB Delays General QM Rule Effective Date
The Consumer Financial Protection Bureau today issued a final rule extending the mandatory effective date for the General Qualified Mortgage rule from July 1, to Oct. 1, 2022.
Sens. Warner, Scott Urge CFPB to Consider QM Rule Delay
Sens. Mark Warner (D-Va.) and Tim Scott (R-S.C.) today urged the Consumer Financial Protection Bureau to reconsider its decision to postpone the effective date for the General Qualified Mortgage final rule from July 1, to Oct. 1, 2022, and extend the temporary “GSE patch.”
Fannie, Freddie Announce Effective End of ‘GSE Patch’
In lender letters issued this week, Fannie Mae and Freddie Mac announced that any loans purchased by the GSEs after July 1, must conform to the requirements outlined in the Consumer Financial Protection Bureau’s recently finalized QM final rule—effectively signaling the end of the so-called “GSE-patch.”
ABA Urges CFPB to Reconsider Extension of QM Rule Compliance Date
Delaying the mandatory compliance date of the new QM rules could “foster disruptive market confusion and complicate bank compliance efforts considerably,” ABA said in a comment letter to the Consumer Financial Protection Bureau yesterday.