CFPB Amends Ability-to-Repay/Qualified Mortgage Rule
Financial Services attorney Bob Jaworski authored an article for Pratt's Bankruptcy Law Journal about two final rules published by the Consumer Financial Protection Bureau (CFPB) revising its Ability-to-Repay/Qualified Mortgage Rule. One of the two final rules modifies the requirements for a loan to qualify as a general qualified mortgage and eliminates the government-sponsored enterprise qualified mortgage category. The other final rule adds a new qualified mortgage category. In this article, Mr. Jaworski provides a brief recap of the existing rule, followed by pertinent details concerning the most significant changes generated by each of the two final rules.