Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Short And Simple, CFPB Blogs On 'QM'
WASHINGTON (2/20/13)--The Consumer Financial Protection Bureau posted a recent blog entry intended to explain the "qualified mortgage" rule in a single page.

"Qualified mortgages explained," by Peter Carroll, CFPB assistant director of mortgage markets, notes that the bureau recently released the Ability-to-Repay rule intended to protect consumers from irresponsible mortgage lending.

The post goes on to explain that as part of that rule, and at the direction of the U.S. Congress, the CFPB also defined a category of loans that carry more protections for borrowers--called "Qualified Mortgages."

The blog post briefly discusses the bureau's considerations when making the rule,  a transitional provision included to allow time to adjust to the new rule, and the CFPB's expectation that, over time,  the rule will help "responsible lending practices flourish" for all residential mortgage loans.

Use the link below to read the post.
Other Resources

CFPB Blog Post
RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
9 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
13 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
13 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
14 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago