Qualified mortgage rule may come in early January

The month of January will bring final CFPB rules on ability-to-repay (qualified mortgage), loan originator compensation, servicing practices, appraisals, high-cost mortgages and escrow issues.

The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan.

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This post grows out of two working papers (downloadable here and here) I’ve written with Joshua Mitts, a former student of mine who is now working at Sullivan & Cromwell.Why the CFPB’s Qualified Mortgage Rule Misses the MarkIan Ayres & Joshua MittsLast Friday, the Consumer Financial Protection Bureau’s "qualified mortgage" rule went into effect.

A Qualified Mortgage (QM) is a type of loan that has stable features defined by federal law to increase the probability you’ll be able to afford it. Additionally, federal ability to repay (ATR) law requires lenders to make a good-faith effort to determine that you have the ability to repay your mortgage before you take it out.

Reminder: Millennials want to buy homes!  · Millennials will be just the start of younger generations seeking to buy homes that Boomers are leaving. But are these homes they want? And are they in neighborhoods they want to live in? Nationwide Mortgage reports that more than half of Millennials expect to buy a home within the next five years.

What does it mean for most new home buyers or those looking to refinance? Most of the new regulations applied to mortgage lending will take effect on January 10, 2014. For consumers, loan applications taken on or after this date will be subject to the new rules.

Rural Balloon-Payment Qualified Mortgages. The final rule also implements a special provision in the Dodd-Frank Act that would treat certain balloon-payment mortgages as qualified mortgages if they are originated and held in portfolio by small creditors operating predominantly in rural or underserved areas.

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Ability-to-Repay and Qualified Mortgage Rule Small entity compliance guide.. In May, July, and October 2013 and in October 2014, the Bureau issued rules amending certain provisions of the January 2013 rule. In September 2015 and March 2016, the Bureau issued rules further amending the ATR/QM.

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For the latest information about developments related to Pub. 504, such as legislation enacted after this publication was published, go to IRS.gov/Pub504. Forms 1040A and 1040EZ no longer available. Form 1040 has been redesigned for 2018 to include reporting previously done on Forms 1040A and 1040EZ.

GAO-15-185, Mortgage Reforms: Actions Needed to Help. – priced” mortgage loans without regard to a consumer’s ability to repay the loan. The final rule-Ability-to-Repay and Qualified Mortgage Standards (ATR/QM) under the Truth in Lending Act (Regulation Z), effective in January 10, 2014-applies expanded ability-to-repay considerations to most residential mortgage loans and defines QM.

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