The agency is exploring ways to improve mortgage refinances for homeowners who would benefit from it, especially for smaller loan balances.
Browsing: Ability to repay/qualified mortgage
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.
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.
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.
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. 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.”
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.”
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.