Regulatory Compliance

CFPB Updates Qualified Mortgage Rule

The Consumer Financial Protection Bureau (CFPB) has finalized two rules that will replace its Qualified Mortgage (QM) rule. The first rule, the General QM Final Rule, replaces the current QM rule which requires that a consumer’s debt-to-income ratio (DTI) not exceed 43% with a limit based on the loan’s pricing.  The second rule creates a new category for QMs, Seasoned …

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Mr. Cooper in Hot Water with the CFPB

The Consumer Financial Protection Bureau (CFPB) has filed a complaint and proposed a stipulated judgment and order against Nationstar Mortgage LLC, which does business as Mr. Cooper. The CFPB’s action is part of a coordinated effort between the bureau, a multistate group of state attorneys general, and state bank regulators. The bureau alleges that Nationstar violated multiple federal consumer financial …

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