Links in “Ability to Repay (ATR)/Qualified Mortgage (QM)”

ABA lends its support to a bill that would allow banks who originate a loan and hold it in portfolio for the whole life of the loan to meet the Ability to Repay and Qualified Mortgage requirements. [5/21]

The Department of Veterans Affairs (VA) has proposed an interim rule to replace the CFPB's temporary rule that exempts VA loans from the 43% DTI threshold for Qualified Mortgages. [5/13]

The VA issues interim final rule that defines "qualified mortgages" and ability to repay. VA's interpretation allows flexibility designed to meet veteran mortgage needs. [5/9]

Three CFPB proposals provide a rare bright spot for those who have been navigating complex compliance regulations lately. A look at proposed rules on privacy disclosures, Ability-to-Repay/Qualified Mortgage rules, and Remittance Rule. [5/9]

The House Financial Services Committee passed the CFPB-amended final Ability to Repay rule this past Wednesday, while putting holds on other bills such as the Mortgage Choice Act of 2013, the Portfolio Lending and Mortgage Access Act, and more. [5/8]

The CFPB proposes amendments to several mortgage rules issued in 2013. The proposed rule would provide an alternative definition for small servicers for certain nonprofit entities, amend existing exemptions from the ability-to-repay rule for certain nonprofit entities, and provide a limited cure mechanism for the points and fees limit that applies to qualified mortgages. [5/6]

Here's the scoop on the CFPB's three proposed amendments to the qualified mortgages rules. [5/2]

CFPB proposal seeks adjustments to mortgage rules to ensure access to credit by certain nonprofit organizations that work with underserved populations. The proposal notes the limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. [5/1]

Minor adjustments proposed to the Qualified Mortgage Rule could benefit credit unions. The proposal changes would allow lenders to refund points and fees in excess of the 3% cap if the refund is made within 120 days, thus allowing the credit union to avoid adverse consequences for inadvertent mistakes. [5/1]

ABA survey finds that more than one-third of respondents will only make qualified mortgages. "The problem will last at least as long as bankers calibrate their compliance systems, and perhaps much longer." [4/8]