WASHINGTON (5/3/13)--Credit unions and others that wish to comment on recently proposed ability to repay/qualified mortgage (QM) and mortgage servicing rule clarifications will have to do so by June 1.
The clarifications, which were published in the Federal Reserve this week, are meant to address questions that have been posed in the months since the rules were first issued. The clarifications address:
Small servicer exemptions;
Contract variances and the temporary QM provision;
Purchase, guarantee or insurability status and the temporary QM; and
Field preemption under Regulation X.
The CFPB issued standards to define a "qualified mortgage" under the agency's "ability to repay" rules, and mortgage servicing rules, in January.
For the proposed CFPB clarifications, as published in the Federal Register
, use the resource link.