New guide on Ability-to-Repay released by CFPB
The Bureau’s blog announced the release of a new guide, “Ability-to-Repay:
Fact vs. Fiction” intended to help dispel misconceptions about what the new
rule means for consumers. Click here for
the blog post and here to download the guide.
supervisory guidance on QM/non-QM mortgages
letter, released Monday, said NCUA field staff “will
take into account a credit union's good-faith efforts to comply" with new
qualified mortgage regulations as they conduct their early-stage examinations.
QM rule becomes effective on Jan. 10, and will apply to all federally insured
credit unions. The letter
also said field staff will place particular
emphasis on the safety and soundness implications of mortgage lending. Whether
a credit union originates Qualified or non-Qualified Mortgages, "examiners
will be evaluating credit risk, liquidity risk, and concentration risk." For more
information click here for NCUA’s supervisory letter to credit unions