Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
April Clarifications To CFPB Mortgage Rules Made Final
WASHINGTON (7/11/13)--The Consumer Financial Protection Bureau (CFPB) Wednesday finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules that were proposed in April.

The clarifications are meant to address questions that have been posed in the months since the rules were first issued in January.

CFPB Director Richard Cordray said in a release, "We know that effective implementation helps our rules deliver their intended value to consumer. We are listening closely to feedback on our rules, and today's clarifications show our willingness to make appropriate adjustments to achieve that goal."

The final rule:
  • Clarifies how to determine a consumer's debt-to-income (DTI) ratio;
  • Explains that CFPB's Real Estate Settlement Procedures Act (RESPA) rule does not preempt the field of servicing regulation by states;
  • Establishes which mortgage loans to consider in determining small servicer status for an exemption from some requirements; and
  • Clarifies the eligibility standard of the temporary Qualified Mortgage  provision under the Ability-to-Repay rule.
Use the resource link below for details on the CFPB's corrections, clarifications, and amendments.

More plain language compliance resources and updates of official regulatory interpretations, examination procedures and other materials addressing CFPB mortgage regulations will be unveiled in the coming months, the CFPB has said.
RSS





print
News Now LiveWire
16.9% of U.S. homeowners underwater, down from peak 31.4% in 2012, reports @zillow http://t.co/EbILqY1HMz
10 hours ago
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
11 hours ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
12 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
13 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
13 hours ago