The CFPB introduced the long awaited “Ability To Repay/Qualified Mortgage” Rule along with new HOEPA, counseling and escrow rules. This rule will be effective on January 10, 2014, and includes some surprises, such as a companion proposed rule seeking clarification on loan originator compensation and proposing exemptions and modifications from the ability to repay requirements to best protect consumers. The comment period for the proposed rule expires on February 25, 2013.
To learn more, visit www.consumerfinance.gov/regulations or give us a call.