Date

March 2014

What QM Means for Lenders

Mortgage Lender Mar 31, 2014

Last January, the Consumer Financial Protection Bureau set forth new rules and regulations that impact both borrowers and lenders. One part of the statute that is of special interest is the definition of Qualified Mortgages. These would be more difficult for consumers to challenge later on with regard to ability to repay rules. The Basics The new rules place responsibility…

Ability to Repay Rule – The Good and The Bad

Mortgage Mar 25, 2014

New mortgage rules went into effect earlier this year, aiming to simplify the approach to mortgage lending. At the same time, this “back to basics” alignment was done with additional goals of reducing the risk of defaults and foreclosures from borrowers. The new rules were developed by the Consumer Financial Protection Bureau, and director Richard Cordray says “No debt traps….