Mortgages Qualified Mortgage Rule

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

A Cure for What Ails You – Or At Least One Thing That Does: CFPB’s Cure for “Points and Fees” Mistakes

In a recent amendment to Regulation Z, the CFPB offers a tonic to mortgage lenders and their assignees that have struggled with the “points and fees” calculation for Qualified Mortgages (QMs). The CFPB’s cure allows lenders...more

Webinar Recap: Discussing “The New CFPB Mortgage Origination Rules Deskbook”

On October 28, 2014, BuckleySandler presented the webinar “Discussing The New CFPB Mortgage Origination Rules Deskbook.” Author Joe Reilly and contributors Joseph Kolar and Ben Olson discussed the need for the book and...more

CFPB Eases Some of the Requirements Under the Dodd-Frank Act Mortgage Rules

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule easing some of the requirements on creditors under the Dodd-Frank Act mortgage rules. The most significant change for most creditors is the addition of...more

CFPB Finalizes Qualified Mortgage Points & Fees Cure

On October 22, the CFPB finalized targeted amendments to the Dodd-Frank Act mortgage rules that took effect in January 2014. The amendments include...more

SPECIAL ALERT: CFPB Finalizes Points-And-Fees Cure And Other Mortgage Rule Amendments

Last week, the CFPB finalized an important amendment to its ATR / QM Rule that provides a mechanism for curing points-and-fees overages on qualified mortgage (“QM”) loans, as well as more minor amendments to its mortgage...more

CFPB Permits Refunds of Points and Fees Charged for Qualified Mortgages

On October 22, 2014, the CFPB announced that it would permit refunds of excessive fees (with interest) within 210 days after loan closing for qualified mortgages. The provision expires in January 2021 and requires lenders to...more

FNMA Survey Indicates QM Rules Lead to Increased Lender Costs

FannieMae has released a survey that indicates the CFPB’s Ability-to-Repay (“ATR”) and Qualified Mortgage (“QM”) rules will lead to increased lender costs. Specifically, most firms (74%) reported that they expect their...more

CFPB announces settlement with mortgage lender and its owner charged with “bait-and-switch” scheme

On August 12, the CFPB announced that it has issued a Consent Order under which Atlanta-based Amerisave Mortgage Corporation, its affiliate appraisal management company, Nova Appraisal Management Company, and a principal and...more

Loan Officers Say ATR/QM Rules Make Mortgage Approvals More Difficult

Around 34% of all loan officers responding to a Fed survey indicated the CFPB’s Ability-to-Repay and Qualified Mortgage Standards under the Truth in Lending Act (the ATR/QM rule) makes it more difficult to get conforming...more

Cordray's House Testimony Signals Areas of CFPB Focus

On June 18, 2014, CFPB Director Richard Cordray appeared before the House Financial Services Committee to testify about his agency's fifth Semi-Annual Report. As in past hearings, Cordray and House Republicans clashed over...more

CFPB Seeks to Add Post-Consummation Cure Mechanism for Qualified Mortgages

On July 7, 2014, the comment period ended for a proposed rule relating to qualified mortgages (“QMs”) promulgated by the Consumer Financial Protection Bureau (“CFPB”) on May 6, 2014. One of several proposed amendments to the...more

Massachusetts Adds “Borrower’s Interest” Safe Harbor For QM Loans

Recently, the Massachusetts Division of Banks published final amendments to its regulation concerning documentation and determination of borrower’s interest to establish an additional safe harbor for any home loan that meets...more

CFPB Deputy Director’s Remarks May Indicate Evolving Approach To Mortgage Rules Enforcement

On June 18, CFPB Deputy Director Steve Antonakes opened the CFPB’s first public Consumer Advisory Board (CAB) meeting with remarks about implementation of the CFPB’s mortgage rules and the Bureau’s approach to enforcing those...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

Lenders More Likely to Make Jumbo Loans

As we continue to distance ourselves from the advent of the real estate downturn, residential mortgage loan lenders seem to be increasingly willing to explore ways to loan money outside of the “qualified mortgage” arena. For...more

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Consumer Advisory Board to Meet to Discuss CFPB Mortgage Rules

The Consumer Advisory Board will host a meeting on June 18, 2014 to discuss trends and themes in the mortgage market. Agenda topics include the mortgage rules generally, but in particular, special populations, new resources...more

CFPB Proposes Amendments to Mortgage Rules

On April 30th, the Consumer Financial Protection Bureau (CFPB) announced certain limited amendments to the Ability to Repay/Qualified Mortgage Rule (“ATR/QM”) and the Servicing Rules which took effect in January of this year....more

House Passes Financial Services Bills

On May 6, the U.S. House of Representatives passed by voice vote three financial services bills: (i) H.R. 2672, which would require the CFPB to allow individuals and businesses to apply to have an area designated as “rural”...more

Infobytes Special Alert: VA Adopts Its QM Rule

On May 9, 2014, the Department of Veterans Affairs (the “VA”) issued an interim final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of the loans it guarantees, insures, or originates. The VA stated...more

CFPB Proposes Amendments to Mortgage Rules

In an effort to respond to concerns that the ability-to-repay and mortgage servicing rules effectively earlier this year adversely affect access to credit for underserved populations, the CFPB proposed certain narrow...more

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Massachusetts Division of Banks Proposes Amendments to “Borrower’s Interest” Regulations

The Massachusetts Division of Banks proposed amendments to current regulations that would create a safe harbor from regulations that impose restrictions on refinancing home loans for qualified mortgage loans. The regulation...more

HUD Proposes To Eliminate Post-Payment Interest On FHA Loans

On March 13, HUD proposed a rule to prohibit mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The proposal is responsive to the CFPB’s ATR/QM rule, under which post-payment...more

Mortgage Banking Takes Center Stage At OCC

On February 7, 2014, the Office of the Comptroller of the Currency (OCC) published a 232-page Mortgage Banking component to the Comptroller’s Handbook, its primary source of guidance for national banks and federal savings...more

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