Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, August 15, 2013

CFPB Revises Ability-to-Repay/QM Compliance Guide

The CFPB has issued a revised small entity compliance guide for the ability-to-repay/qualified mortgage rule. The revisions reflect changes to the final rule issued on May 29 and July 10. The rule’s effective date remains Jan. 10, 2014.

The revisions cover exemptions to ATR regulations for certain creditors, loans and federal programs. They modify the points and fees calculation in the loan originator rule and the APR threshold for small creditor and balloon-payment QMs.

The revisions also clarify what counts as a QM for loans made and held by small creditors, which creditors are eligible to issue balloon-payment QMs, how to determine QMs eligible for GSE purchase or guarantee and how to determine debt and income under the QM’s 43% debt-to-income limit.

Download the compliance guide.

No comments:

Post a Comment

Please read our comment policy before making a comment.