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On April 19th the Consumer Financial Protection Bureau (CFPB) proposed changes to the Qualified Mortgage (QM) and Servicing Rules. The proposal addresses five topics: Debt-to-Income Ratio Under the Ability to Repay rule, a lender may make a qualified mortgage (QM), a loan for which certain features are prohibited and fees that can be charged are limited. The rule provides for different types of QMs, the main type requiring that a consumer’s debt-to-income ratio (DTI) show […]

Earlier today we posted a blog article where we added links to the CFPB’s regulatory text for both Regulation X and Regulation Z.  We now have the full documents uploaded that include the preamble, regulatory text, and the official interpretations. Click here for the full Regulation X document. Click here for the full Regulation Z document.

Today the Consumer Financial Protection Bureau (CFPB) is releasing final rules to implement laws to protect consumers from detrimental actions by mortgage servicers and to provide consumers with better tools and information when dealing with mortgage servicers. The rules impact those who service loans in their own portfolios and those who service loans owned by others.The rules will take effect on January 10, 2014. The servicing rules are set forth in two notices, one to […]

Today the Consumer Financial Protection Bureau (CFPB) published a 431-page final rule to strengthen consumer protections for high-cost mortgages and to provide consumers with information about homeownership counseling. The rule is effective on January 10, 2014. The final rule amends: Regulation Z (Truth in Lending) by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 (HOEPA), revising and expanding the tests for […]

Today the Consumer Financial Protection Bureau (CFPB) published it’s semiannual agenda as part of the Fall 2013 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Agenda reflects antipathy actions during the period from October 1, 2012 to October 1, 2013. The next agenda will be published in spring 2013 and will update the agenda through October 1, 2013. According to the agenda the following final rules are expected in January 2013: Regulation X and […]