Items Tagged with 'Ability to Repay'


  • CFPB plans to issue rules on PACE loans

    Bureau asks for industry input on green financing
    The CFPB signaled Monday that it plans to issue rules for the PACE program, which allows homeowners to obtain financing to make improvements to their homes to increase the home’s energy efficiency. The CFPB said Monday it is issuing an “Advance Notice of Proposed Rulemaking” on PACE financing that could see an Ability-to-Repay provision added to PACE regulations.
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  • Bipartisan push begins in Senate to expand mortgage access for self-employed borrowers

    Self-Employed Mortgage Access Act introduced
    Ever since the Qualified Mortgage rule went into effect a few years ago, borrowers who don’t have a traditional source of income have had a hard time getting a mortgage. Well, a bipartisan push is underway in the Senate that could change that. Late Tuesday, Sens. Mark Warner, D-Virginia, and Mike Rounds, R-South Dakota, announced they are introducing legislation designed to make it easier for self-employed borrowers to get a mortgage.
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  • Monday Morning Cup of Coffee: Industry trade groups tell Senate how to fix financial regulations

    MBA, CUNA weigh in on regulatory reforms
    The main front for the Republican Party’s push for regulatory reform is in the House of Representatives, where an effort is underway to replace the Dodd-Frank Wall Street Reform Act with the Financial CHOICE Act. But the House isn’t the only place where regulatory reform is on the table. Here's a look at what some of the mortgage industry's biggest trade groups want the Senate to do about regulatory reform. All that, and more, in your Monday Morning Cup of Coffee.
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  • CFPB preps to review major mortgage rules

    Falls under Dodd-Frank requirement
    January 2018 marks five years since the Consumer Financial Protection Bureau finalized the qualified mortgage rule. The five-year anniversary means more than a landmark date of a major regulation though, as it also means the bureau is required to reassess its major mortgage rules. Will the CFPB use this process to change the mortgage market again?
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  • From HW Magazine

    Don't call it a comeback -- because it's not

    A real restart for private-label RMBS issuance faces a daunting set of obstacles
    A financial industry publication recently reported, “Carrington Mortgage, Citadel Servicing and New Penn Financial are planning securitizations of newly originated subprime mortgages.” The publication went on to say in breathless tones that “[t]he offerings, on the slate for 2014, would confirm recent predictions that deals would soon start flowing in the asset class…”
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  • Lenders receive compliance guidance

    MBA Education releases ATR/QM resource guides
    The Mortgage Bankers Association Education released a compliance guide to help explain the Ability to Repay and Qualified Mortgage rule, which includes information for basic training for staff and operational rule requirements.
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  • NRMLA Seeks Qualified Status for Non-HECMs

    In comments submitted to the Federal Reserve board, NRMLA called for specific criteria for reverse mortgages in meeting the definition of a qualified mortgage under the risk retention Ability to Repay - Qualified Mortgage rule.   Under the current draft of the rule FHA-insured HECM loans would be defined as a "qualified mortgage" and therefore exempt from the risk retention rules.  However, reverse mortgages that are not FHA HECMs are not specifically included and could be subject to the requirement of sponsors to retain a 5% credit risk of the assets underlying securities they issue.  The letter points out
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