Consumer Watchdog Releases Final Amendment on Ability-to-Pay Rule
The Consumer Financial Protection Bureau has issued amendments to its ability-to-repay rules that would essentially make it easier for small- and medium-sized financial institutions to issue loans while also honoring qualified mortgage requirements. The rules, required by Dodd-Frank, require banks and credit unions to verify borrowers' finances and prohibit so-called no-doc and other risky loans that harmed borrowers in the recent mortgage crisis. The amendments relax some of these requirements for smaller lenders under the QM rule and also readjust how loan origination compensation is tabulated.
From "Consumer Watchdog Releases Final Amendment on Ability-to-Pay Rule"
The Hill (05/29/13) Needham, Vicki
St Casimirs Mortgage Minute. . . Help in navigating the mortgage application process. Get advice from Nelson Bayne, 410-342-1404 mortgage specialist with over 35 years of experience in the Baltimore metro area.
No comments:
Post a Comment