As anticipated, HUD recently issued its proposed rule defining a qualified mortgage (QM) for HUD insured and guaranteed single family mortgages.  Under the proposed rule, published in the Federal Register on Monday, Title II single family mortgages that do not meet the points and fees requirement under the CFPB’s general QM definition will not be

On August 14th, the CFPB released an update to the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule, incorporating the changes made in the June 2013 Concurrent Final Rule and July 2013 Final Rule. The updated guide includes a new section detailing the exemptions added by the June 2013 Concurrent Final

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held its second hearing yesterday focused on the CFPB’s ability to repay/qualified mortgage rule.  At the first hearing in May, the only witnesses were two CFPB officials.  The witnesses at yesterday’s hearing, entitled “Examining How the Dodd-Frank Act Hampers Home Ownership,” consisted of

How the CFPB should define “qualified mortgages” in its proposal to implement the Dodd-Frank ability to repay provisions continued to be a focus of questioning when CFPB Director Richard Cordray appeared last week before the House Financial Services Committee to discuss the current state of the CFPB and its latest Semi-Annual Report to Congress.  In

Banks that offer mortgage products are being buried in new regulations that are straining their compliance capabilities, increasing their costs and, for community banks, threatening the viability of their entire business model. That’s the message the American Bankers Association tried to send in its recent letter to Raj Date, President Obama’s replacement for Elizabeth Warren