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Friday, July 12, 2013

CFPB Finalizes Additional Revisions to Mortgage Rules

The CFPB has finalized additional revisions and clarifications on its mortgage rules. The amendments affect the Qualified Mortgage standards, mortgage servicing rule and rules on higher-priced mortgage loans.

The bureau made several ABA-advocated changes to the final rule. It clarified that construction and bridge loans and reverse mortgages are not subject to its requirements regarding repayment ability and prepayment penalties for HPMLs. The CFPB added official interpretations regarding qualifications for QM status, which will substantially clarify standards applicable to the special GSE QM category. It also removed verification conditions from Appendix Q of Regulation Z that would have required creditors to predict borrowers’ future employment and substantiate their job qualifications.

The CFPB also clarified the small servicer exemptions, including which kinds of loans would be considered in determining small servicer status.

Read the final rule.

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