CFPB: How ATR/QM Rule has Changed Lending

By Jann Swanson

Posted To: MND NewsWire

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a requirement that the Consumer Financial Protection Bureau (CFPB), author of many of the rules under the act, publish an assessment of its “significant rules and orders” within five years of their effective date. Among the rules that CFPB has determined to fit that category are the Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule and the Real Estate Settlement Procedures Act (RESPA) Mortgage Servicing Rule. Both came into effect in January 2014 and assessment of both were published this week. What follows is a summary of the assessment of the Ability-to-Repay/Qualified Mortgage (ATR/QM) Rule. A summary of the RESPA Servicing rule will follow at a later date. The ATR/QM assessment looks at four broad categories;…(read more)

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