Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
April Clarifications To CFPB Mortgage Rules Made Final
WASHINGTON (7/11/13)--The Consumer Financial Protection Bureau (CFPB) Wednesday finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules that were proposed in April.

The clarifications are meant to address questions that have been posed in the months since the rules were first issued in January.

CFPB Director Richard Cordray said in a release, "We know that effective implementation helps our rules deliver their intended value to consumer. We are listening closely to feedback on our rules, and today's clarifications show our willingness to make appropriate adjustments to achieve that goal."

The final rule:
  • Clarifies how to determine a consumer's debt-to-income (DTI) ratio;
  • Explains that CFPB's Real Estate Settlement Procedures Act (RESPA) rule does not preempt the field of servicing regulation by states;
  • Establishes which mortgage loans to consider in determining small servicer status for an exemption from some requirements; and
  • Clarifies the eligibility standard of the temporary Qualified Mortgage  provision under the Ability-to-Repay rule.
Use the resource link below for details on the CFPB's corrections, clarifications, and amendments.

More plain language compliance resources and updates of official regulatory interpretations, examination procedures and other materials addressing CFPB mortgage regulations will be unveiled in the coming months, the CFPB has said.
RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
9 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
10 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
11 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
11 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
13 hours ago