Qualified Mortgage Rule

News & Analysis as of

CFPB Publishes Final Rule Amending Various Annual Dollar Threshold Adjustments

On September 21, the CFPB issued a final rule amending certain dollar thresholds for provisions implementing amendments in Regulation Z, which implements the Truth in Lending Act (TILA), under the CARD Act, HOEPA, and ATR/QM....more

CFPB Updates Regulation Z Thresholds

The Consumer Financial Protection Bureau (“CFPB”) has updated the inflation-adjusted loan amounts applicable to the points and fees calculations under the CFPB’s Ability-to-Repay/Qualified Mortgage rule (“ATR/QM Rule”) and...more

CFPB Expands “Small Creditor” and “Rural Area” Definitions for Qualified Mortgages

On September 21, the Consumer Financial Protection Bureau (“CFPB”) released final and revised versions of mortgage rules regarding small creditors. These changes should ease lenders’ ability to originate qualified mortgages...more

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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

Senator Shelby's Push for Financial Regulatory Reform

Why it matters - Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, efforts on Capitol Hill seek to continue to turn back many of its regulatory restrictions. Sen. Richard...more

NMLS Updates Resource Center: Encourages Public to Submit Comments on Proposed Changes; Responds to Public Comments

On July 21, the Nationwide Mortgage Licensing System (NMLS) updated its resource center to encourage the public to submit further comments – via the Conference of State Bank Supervisors – on certain proposed changes to the...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

Wednesday, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

FDIC Revises Examination Procedures To Incorporate TILA/RESPA Integrated Disclosures

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

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

Banking Committee Chairman Introduces the Financial Regulatory Improvement Act of 2015

For more than two decades, each and every Congress has considered and adopted wide-ranging financial services legislation that has significantly altered the legal and regulatory landscape governing financial institutions in...more

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

Gavel to Gavel: Creative Compliance

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

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

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

FDIC Announces Video Series to Help Banks Comply with CFPB Mortgage Rules

On November 19, the FDIC announced its first in a series of three videos developed to assist bank employees in ensuring their mortgage lending practices comply with the Bureau Mortgage Rules. As noted in its press release,...more

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 QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more

Final Dodd-Frank Risk Retention Rule Adopted

On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more

Six Federal Agencies Jointly Approve Final Risk Retention Rule

Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...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

Regulators Jointly Approve Final Risk Retention Rule

On October 22, coordinated by the Department of Treasury, six federal agencies – the Board of Governors, HUD, FDIC, FHFA, OCC, and SEC – approved a final rule requiring sponsors of securitized transactions, such as...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

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