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Friday, January 10, 2014

Qualified Mortgage Rule Goes Into Effect Today

The CFPB’s final rules amending the Equal Credit Opportunity Act, Real Estate Settlement Procedures Act and Truth In Lending Act become effective today. The rules will significantly change the mortgage market. The final rules taking effect today focus primarily on (1) loss mitigation procedures, (2) amounts counted as loan originator compensation to retailers of manufactured homes and their employees for purposes of applying points and fees thresholds, (3) exemptions available to creditors that operate predominantly in “rural or underserved” areas, (4) application of the loan originator compensation rules to bank tellers and similar staff and (5) the prohibition on creditor-financed credit insurance.

In order to help bankers and compliance officers stay current on the development of mortgage reform, ABA has created a new Web Page to track mortgage reform initiatives.

Read the rule.

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