News & Analysis as of

Ability-to-Repay Underwriting

CFPB’s Proposed Payday Rules Eerily Reminiscent of Mortgage Reform

This week, the Consumer Financial Protection Bureau (CFPB) proposed a long-awaited rule on payday, vehicle title, and certain high-cost installment loans – collectively. The proposed rule is open for comment through September...more

First Round of ATR Cases Goes to Banks

by Williams Mullen on

The CFPB’s ability-to-repay (ATR) rule became effective in January 2014. It requires mortgage lenders to determine during underwriting that a borrower has a reasonable ability to repay a loan according to its terms. ...more

Consumer Financial Protection Bureau Implements 'Ability to Repay' Regulations for Covered Mortage Loans

It is a widely understood that loose underwriting standards and practices by some creditors – including their abject failure in some instances to confirm their borrowers’ ability to repay mortgage loans – contributed in...more

CFPB Issues Small Entity Compliance Guide

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau has issued a 45-page Small Entity Compliance Guide for the Ability-to-Repay (ATR) and Qualified Mortgage Rule. The guide, published on April 10, 2013, indicates that its purpose is to...more

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

by Dechert LLP on

In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM...more

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

by Snell & Wilmer on

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer...more

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

by Foley & Lardner LLP on

The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting...more

CFPB Issues Final Ability To Repay Rule And ‘Qualified Mortgage’ Standard

by Pepper Hamilton LLP on

On January 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule, as mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), which requires mortgage lenders to consider...more

CFPB Final Ability-To-Repay Rule Prompts Cautious Optimism from Industry

by Ballard Spahr LLP on

The CFPB has issued its long-awaited ability to repay/qualified mortgage rule, and at first glance, it appears to warrant cautious optimism for the mortgage industry....more

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