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Thursday, May 31, 2012

CFPB Requests More Information on Ability-to-Repay

The CFPB announced it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to assess consumers’ ability to repay mortgage loans before extending them credit.

The notice seeks comment on the data, and requests similar information regarding other types of mortgage loans. It also seeks data on the relationship between ability to repay and other potentially relevant factors such as borrowers’ cash reserves.

In addition, the notice summarizes analysis and information that the CFPB has received about the potential risk of litigation in connection with the new requirements and seeks additional data from the public about this issue.

The CFPB expects to issue the final rule before the end of 2012. The rule is required under the Dodd-Frank Act by January 2013.

The comment period will close on July 9, 2012.

Read more.

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