News & Analysis as of

Qualified Mortgage Rule Ability-to-Repay

CFPB publishes annual CARD Act, HOEPA and QM adjustments, corrects 2016 error

by Ballard Spahr LLP on

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

CFPB Amends ATR/QM Rule to Implement HELP Act

by MoFo Reenforcement on

On March 22, 2016, the CFPB issued an Interim Final Rule (the “IFR”) amending the ability-to-repay (“ATR”) and qualified mortgage (“QM”) provisions of Regulation Z. The IFR, which implements a portion of the Helping Expand...more

CFPB issues second rule to implement the HELP Act, expanding Qualified Mortgage coverage for lenders lending in rural and...

by Ballard Spahr LLP on

As we have addressed, Congress passed the Helping Expand Lending Practices in Rural Communities Act of 2015 (HELP Act) on December 4, 2015, in efforts to expand the designation of additional areas as being “rural” under...more

FDIC Revises Examination Procedures To Incorporate TILA/RESPA Integrated Disclosures

by Ballard Spahr LLP on

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

Locke Lord QuickStudy: CFPB Releases Spring 2015 Regulatory Agenda

by Locke Lord LLP on

On Friday, May 22, 2015, the CFPB released its Spring 2015 Rulemaking Agenda (Agenda), as mandated by the Regulatory Flexibility Act. These biannual agendas generally include details regarding rulemaking activity at the...more

Gavel to Gavel: Creative Compliance

by GableGotwals on

The Dodd-Frank Wall Street Reform and Consumer Protection Act, together with subsequent Consumer Financial Protection Bureau regulations, has established a responsibility for lenders to determine and document a borrower’s...more

House passes bill to amend TILA points and fees definition for mortgage loans

by Ballard Spahr LLP on

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

Revised CFPB Ability to Repay Rule Allows Excess Points and Fees Refunds for Qualified Mortgages

by Carlton Fields on

The Dodd-Frank Act amended the Truth in Lending Act (TILA) to require a creditor making a residential mortgage loan to make a reasonable and good faith determination (based on verified and documented information) that, at the...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

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

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

by Goodwin on

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

A New Frontier: Preparing for Litigation Under the Ability to Repay Rule

by Baker Donelson on

On January 10, 2014, the Consumer Financial Protection Bureau's (CFPB) new Mortgage Servicing Guidelines became effective. One of the more drastic changes under the guidelines is the new "Ability to Repay" rule. This rule...more

CFPB Releases Updated Examination Manual for Mortgage Rules

by Goodwin on

The CFPB issued updates to its examination procedures to reflect the mortgage servicing rules and ability-to-repay and qualified mortgage rules that became effective on January 10, 2014....more

Financial Services Legislative and Regulatory Update -- January 13, 2014

In This Issue: Leading the Past Week; Executive Branch; International; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week closed with the long anticipated ability-to-repay and...more

CFPB To Hold Field Hearing on New Mortgage Rules

by Goodwin on

The CFPB will hold a field hearing on the new mortgage rules in Phoenix, Arizona on January 10, 2014. The field hearing coincides with the effective date of the ability-to-repay and qualified mortgage rule, the mortgage...more

Federal Banking Agencies Issue Interagency Statement on Supervisory Approach to Qualified Mortgage Loans

by Goodwin on

The FDIC, OCC, NCUA and FRB issued an interagency statement on the supervisory approach to originating qualified mortgages under the CFPB’s ability-to-repay and qualified mortgage rule finalized in January 2013 and...more

Prudential Regulators Clarify Supervisory Approach Relative to CFPB Mortgage Regulation

by Ballard Spahr LLP on

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Prudential Regulators”) have...more

Supervisory Approach for Qualified and non-Qualified Mortgage Loans

On December 13, Fed, FDIC, NCUA and OCC issued a statement to clarify safety-and-soundness expectations in order to guide institutions engaged in residential mortgage lending as they assess the implementation of the CFPB’s...more

Five Legal Topics for Washington Bankers to Consider This Fall

by Lane Powell PC on

Summer vacations are over, and now bank management and directors need to focus on compliance. Below are five current legal topics that Washington bankers should be considering this fall. 1. Loans Secured by Residential...more

CFPB issues another update to the Small Entity Compliance Guide for ATR/QM

by Ballard Spahr LLP on

The CPFB recently issued another update to the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule, to reflect changes from the October 2013 Final Rule. The updated guide clarifies several...more

Federal Regulators Issue Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Rules

by Goodwin on

In response to inquiries from creditors about liability under the Equal Credit Opportunity Act’s disparate impact doctrine on originating qualified mortgages under the CFPB’s ability-to-repay provisions, the CFPB, OCC, FRB,...more

Interagency Fair Lending Guidance: A First Step, but in the Right Direction?

by Morrison & Foerster LLP on

Five federal regulators, with HUD noticeably absent, issued the first interagency guidance on the much-debated intersection of fair lending enforcement and the Ability-to-Repay and Qualified Mortgage Standards Rule taking...more

CFPB joins interagency statement on qualified mortgage fair lending risks

by Ballard Spahr LLP on

The CFPB was one of five federal regulators issuing an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the CFPB’s ability-to-repay/qualified...more

Federal Regulators Issue Statement on Qualified Mortgage Fair Lending Risks

by Ballard Spahr LLP on

Federal regulators have issued an interagency statement intended to address industry concerns regarding the fair lending risks associated with compliance with the Consumer Financial Protection Bureau’s...more

Fair Lending Compliance, Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on

On October 22, 2013, the Consumer Financial Protection Bureau (Bureau), Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC),...more

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