CFPB Releases Updated Ability-To-Repay/Qualified Mortgage Rule Implementation Process

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On August 14, the CFPB released an updated small business guide for the ability-to-repay/qualified mortgage rule it finalized early this year. The CFPB also released (i) a video that provides an overview of the rule and the recent changes and (ii) implementation guidance. The updated guide incorporates clarifications and amendments to the rules issued on May 29, 2013 and July 10, 2013, respectively. For analyses on the revisions incorporated into the update, see the Special Alerts released by BuckleySandler in May 2013 and July 2013.

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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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