NAR has been actively involved in shaping the debate and structure of the Qualified mortgage (qm) rule issued by the Consumer Financial Protection Bureau (CFPB) created by the Dodd-Frank Reform Act. NAR achieved a significant victory in obtaining a safe harbor in the QM rule for loans underwritten to the automated standards of Fannie Mae/Freddie Mac, the Federal Housing Authority, Veterans.
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The Mortgage Choice Act of 2013 is a bill that would direct the Consumer Financial Protection Bureau (CFPB) to amend its regulations related to qualified mortgages to reflect new exclusions made by this bill. The CFPB released new regulations regarding the definition of a Qualified Mortgage that took effect in January 2014, a definition that this bill would modify.
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan.
"Mortgage Choice Act" passes House. The bill specifically exempts fees paid to businesses affiliated with the lender, such as title companies, from the computation of points and fees under the QM cap. Fees paid to unaffiliated businesses were already exempt. Passage of the bill had been strongly advocated by the National Association.
grants "qualified mortgage" status to loans that satisfy the underwriting requirements of, and are therefore eligible to be insured by, HUD. This temporary QM status will expire at the earlier of (1) hud publishing its own QM rule, or (2) seven years from the effective date of the CFPB’s QM rule, which as noted above is January 10, 2014.
The June 2013 ATR/QM Concurrent Final Rule provides an exemption to these requirements for: Creditors with certain designations, Loans pursuant to certain programs, Certain nonprofit creditors, and Mortgage loans made in connection with certain Federal emergency economic stabilization programs.
February’s foreclosure inventory fell to lowest rate since 1999 At Regions Bank, shift to purchase market prompts a retooling japanese public aid has long focused on energy projects, and a mounting pressure to secure industrial metals has not resulted in a shift in state lending. “We don’t prioritise our lending by the types.It’s the first month since February that the number of home sales has dropped below the 2,000 mark. Condominium sales in the state also fell sharply by 23 percent to the lowest. or in foreclosure,Fannie markets more than $3 billion in distressed loans In September, Cleary Gottlieb represented the underwriters, including Citigroup, Goldman Sachs, Greenwich, JP Morgan Chase, Lehman, and UBS, in nine Freddie Mac, Fannie Mae and Ginnie mae mortgage-backed transactions, totaling more than $3 billion of mortgage-backed securities.
Written by Bernadette Clair, Regulatory Compliance Counsel Small Entity Compliance Guide on ATR/QM. Last week, the CFPB issued an updated Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage (ATR/QM) Rule. This update incorporates changes that were included in.