CFPB ABILITY TO REPAY AND QM GUIDANCE

On April 10, 2013 the Consumer Financial Protection Bureau published two compliance tools to assist financial institutions with implementation of the ability to repay and the qualified mortgage rules.

  • The first tool is a 45-page booklet entitled Ability-to-Repay and Qualified Mortgage Rule – Small Entity Compliance Guide. The Guide is available here.
  • The second tool is a 1½ page chart entitled General Comparison of Ability-to-Repay Requirements with Qualified Mortgages. The chart is available here.

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