Browsing: Ability to repay and qualified mortgage

Compliance and Risk

At his confirmation hearing to serve as the next director of the Consumer Financial Protection Bureau today, Rohit Chopra told lawmakers he has “a completely open mind” about changes to the Qualified Mortgage rules, adding that he will “look to what the statute says and what Congress’ goals are” as the bureau reviews the rules.

Compliance and Risk

As the Consumer Financial Protection Bureau considers whether to revisit its recent final rules regarding the definition of Qualified Mortgage and the establishment of a “seasoned QM” category of loans, it issued a statement today addressing the compliance deadlines associated with these rules.

Mortgage

The CFPB today finalized a rule extending the temporary “GSE patch,” which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae or Freddie Mac, until the QM rule changes are finalized and take effect.

Compliance and Risk

In a comment letter to the CFPB yesterday, the American Bankers Association offered support for recent proposals that would make changes to the Qualified Mortgage rule and ultimately allow the temporary “GSE patch”—which grants QM status to loans eligible to be purchased or guaranteed by Fannie Mae and Freddie Mac—to expire once the changes take effect.  

Mortgage

ABA yesterday welcomed the Consumer Financial Protection Bureau’s proposal to extend the temporary “GSE patch”—which grants Qualified Mortgage status to loans eligible to be purchased or guaranteed by Fannie Me or Freddie Mac—until the bureau’s proposed QM rule changes are finalized and take effect.

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