Wealthier Americans mean a bigger bond market

Wealthier Americans mean a bigger bond market

More liquidity means more debt

Top 10 fastest growing cities in the nation

Most already home to thousands of millennials

3 reasons why California housing is about to go bust

The money is drying up
W S
Lending / The Ticker

CFPB proposes exemptions for ability-to-repay rule

/ Print / Reprints /
| Share More
/ Text Size+

The Consumer Financial Protection Bureau's ability-to-repay rule may be open for public viewing, but it's not necessarily finalized.

The rule along with the qualified mortgage provision is expected to take effect in January 2014, but the bureau is already proposing adjustments to the rule. 

One of those proposals is an exemption for certain nonprofit creditors, allowing them to provide loans to low- and moderate-income borrowers.

The proposals also would make exceptions for programs, including the Making Home Affordable initiative, to save outlets that keep at-risk borrowers in their homes.

The amendments also propose qualified-mortgage status for loans made and held by community banks, credit units and other smaller creditors.

In addition, the CFPB is collecting additional feedback on how loan origination compensation should be calculated under the points and fees guideline of the qualified mortgage rule.

kpanchuk@housingwire.com

Recent Articles by HousingWire Staff

Comments powered by Disqus