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