American Banker | Confusion over CFPB Underwriting Rule Persists

With a change in Administration, the Consumer Financial Protection Bureau changes its mind about qualified mortgage rules for residential mortgages. Our Financial Services & Products Group reviews how the Biden CFPB’s last-minute delay may upend the Trump Administration’s last-minute changes to the qualified mortgage rules.

The originators of residential mortgage loans are inconsistent in meeting the “consider” requirement under the revised qualified mortgage rules. Our Financial Services & Products Group offers guidance for creditors looking to comply with this requirement.

Stephen Ornstein is quoted on what lenders need to anticipate from the scrutiny around the Consumer Financial Protection Bureau’s QM rule and bank statements.

Somehow, the qualified mortgage (QM) rules have become even more complicated. This article parses how the death of the QM Patch will affect creditors seeking to originate residential mortgage loans under Fannie Mae, Freddie Mac, or Consumer Financial Protection Bureau regulations.