Qualified Mortgage Rule, Ability-to-Repay

House to hold hearing on CFPB ability to repay/QM rule

by Barbara S. Mishkin | Ballard Spahr LLP on 5/20/2013

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit has scheduled a hearing for tomorrow, May 21, on “Qualified Mortgages: Examining the Impact of the Ability to Repay Rule.”...more

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

by BuckleySandler LLP on 5/14/2013

On May 6, the FHFA announced that Fannie Mae and Freddie Mac must limit their future mortgage acquisitions to loans that meet the requirements for qualified mortgages under the CFPB’s January 2013 ability-to-repay/qualified...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

CFPB issues more small entity compliance guides for mortgage-related rules

by Barbara S. Mishkin | Ballard Spahr LLP on 5/7/2013

The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more

GSEs: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 5/7/2013

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

CFPB Proposed Clarifications on Qualified Mortgage Rules

by Orrick - Structured Finance Group on 4/29/2013

On April 19, the CFPB released proposed rule amendments to the ability to repay/qualified mortgage (QM) rules. The proposals address...more

CFPB Proposes Changes to Ability-To-Repay, Servicing Rules

by Richard J. Andreano, Jr., John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 4/26/2013

In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the Consumer Financial Protection Bureau recently proposed clarifications and changes to the...more

CFPB Publishes QM Rule Compliance Guide

by BuckleySandler LLP on 4/22/2013

On April 10, the CFPB published a guide to help small entities comply with its ability-to-repay/qualified mortgage rule. As required by the Small Business Regulatory Enforcement Fairness Act, the guide highlights issues for...more

CFPB Issues Small Entity Compliance Guide

by Emily Miller | Ballard Spahr LLP on 4/22/2013

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

Pay Attention: Final Rules on Loan Originator Compensation

by Michael Dailey | Dinsmore & Shohl LLP on 4/19/2013

January, 2013, was a watershed month for mortgage standards after the Consumer Financial Protection Bureau released the long-awaited final rules on ability to repay, qualified mortgages, mortgage servicing, and appraisal...more

FDIC Announces Teleconference Series On CFPB Mortgage Rules

by BuckleySandler LLP on 4/17/2013

On April 9, the FDIC announced a series of nationwide banker teleconferences focused on the CFPB’s final mortgage rules. The first teleconference call is scheduled for May 2, 2013 and will focus on the...more

CFPB Small Entity QM Compliance Guide

by Orrick - Structured Finance Group on 4/17/2013

On April 10, the CFPB published a small entity compliance guide for the Ability-to-Repay and Qualified Mortgage rule, as well as a comparison chart which compares the general Ability-to-Repay requirements with the...more

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

by Robert H. Ledig, Thomas P. Vartanian | Dechert LLP on 4/16/2013

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

FDIC to host banker teleconferences on CFPB mortgage rules

by Barbara S. Mishkin | Ballard Spahr LLP on 4/11/2013

The FDIC has scheduled the following three free teleconferences on the CFPB’s new mortgage-related rules for officers and employees of FDIC-supervised institutions... ...more

CFPB Implementation Plan for Mortgage Rules

by Orrick - Structured Finance Group on 2/19/2013

On February 13, the CFPB announced a plan it will implement over the next year for the mortgage industry’s compliance with consumer protections that go into effect January 2014. Among the new rules are the “ability-to-pay”...more

U.S. Consumer Financial Protection Bureau Seeks Comments to Proposed Amendments to the Ability-to-Repay Requirements and Qualified...

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Thomas P. Vartanian | Dechert LLP on 2/15/2013

The U.S. Consumer Financial Protection Bureau (the “Bureau”) has released a proposal (the "Proposal") to amend the Bureau's recently issued final rules (the “Rules”) on the definition of a qualified mortgage (“QM”) and the...more

CFPB announces mortgage rules implementation plan

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 2/14/2013

The CFPB has announced various steps it plans to take over the next year to support the industry’s implementation of the mortgage rules issued in January 2013 and which take effect in January 2014. Those rules include the new...more

Rogers Towers: Residential Lending and the Ability to Repay Rule

by Douglas L. Waldorf, Jr., Sara White | Rogers Towers on 2/14/2013

On January 10, 2013 the Consumer Financial Protection Bureau issued a rule imposing new requirements on residential mortgage lenders. The “Ability-to-Repay” rule was created to help implement certain provisions of the...more

2013: The Year Ahead for Mortgage Lending

by Suzanne Fay Garwood | Venable LLP on 2/14/2013

In this presentation: - “Never a Dull Moment” - ATR/QM Final Rule - HOEPA Final Rule - Loan Officer Final Rule - Escrow Final Rule - ECOA Appraisal Disclosure Rule - Appraisals for Higher...more

CFPB Issues “Ability-To-Repay” Mortgage Requirements

by Joseph D. Simon | Cullen and Dykman LLP on 2/11/2013

The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule implementing the “ability to repay” mortgage requirements of the Dodd-Frank Act. The rule requires creditors to make a reasonable, good faith...more

Consumer Financial Protection Bureau Releases Final Qualified Mortgage Rule and Proposed Amendments to Ability to Repay Rule

by Christina Grigorian | Katten Muchin Rosenman LLP on 2/1/2013

On January 10, the Consumer Financial Protection Bureau (CFPB) released a final rule (ATR Rule) to implement provisions related to the ability to repay (ATR) standards and the definition of a “qualified mortgage” (QM) as...more

CFPB Ability to Repay Rules Issued

by Leonard N. Chanin, Joseph Gabai, Thomas J. Noto | Morrison & Foerster LLP on 1/29/2013

On January 10, 2013, the Consumer Financial Protection Bureau issued much-anticipated revisions to Regulation Z to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require lenders to...more

CFPB Proposes Amendments to New Final Ability-to-Repay Rule, Solicits Comment on Calculating Loan Originator Compensation

by Jennifer M. Keas | Foley & Lardner LLP on 1/28/2013

On January 10, 2013, the CFPB issued its final ability-to-repay rule (Rule), which implements Dodd-Frank mortgage reforms requiring creditors to make a reasonable and good faith determination that a consumer will have a...more

Infobytes Special Alert: Detailed Analysis Of CFPB's Final Ability-To-Repay/Qualified Mortgage Rule

by Joseph Kolar, John Kromer, Jeffrey Naimon, Joseph Reilly, Clinton Rockwell | BuckleySandler LLP on 1/24/2013

After considering a proposed rule and comments for more than a year and a half, the Consumer Financial Protection Bureau (the “Bureau”) has issued its highly anticipated final “Ability-to-Repay” rule (the “Rule”) governing...more

Burr Alert: New Qualified Mortgage Rules Released By The Consumer Finance Protection Bureau

by David Elliott, John Harrelson | Burr & Forman on 1/23/2013

Few would dispute that the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Act) has fundamentally altered the residential mortgage industry. Although the Act was passed just over three years ago,...more

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Qualified Mortgage Rule › Ability-to-Repay