CFPB Proposed Rule for the Mortgage Market

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On August 17, the CFPB proposed rules to bring greater accountability to the mortgage loan origination market. The proposal would: (i) require lenders to make a no-point, no-fee loan option available; (ii) require an interest-rate reduction when consumers elect to pay upfront points or fees; (iii) set qualification and screening standards; (iv) prohibit payment of steering incentives to mortgage loan originators; and (v) place restrictions on arbitration clauses and financing of credit insurance. Comments must be received by October 16. Final rules will be issued in January 2013. CFPB Release.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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