The CFPB updated the Small Entity Compliance Guides for the Ability-to-Repay and Qualified Mortgage Rule and the RESPA and TILA Mortgage Servicing Rules. The adjustments include two changes that will help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. Other changes lay out limited circumstances where lenders that exceed the points and fees cap can pay a refund of the excess amount plus interest to consumers and still have the loan be considered a Qualified Mortgage.
These updates incorporate adjustments that became effective on November 2, 2014.
Read the guide.