CFPBs ability-to-repay

On June 4, eight industry groups sent a letter addressed to HUD Secretary Shaun Donovan and CFPB Director Richard Cordray requesting much needed written guidance from HUD and the CFPB that makes clear that compliance with the CFPB’s ability-to repay/qualified mortgage (QM) final rule will not expose lenders to disparate impact liability under the Fair Housing Act (FHA) or the Equal Credit Opportunity Act (ECOA).… Continue Reading