Burr Alert: New Qualified Mortgage Rules Released by the Consumer Finance Protection Bureau

January 22, 2013

Few would dispute that the Dodd‐Frank Wall Street Reform and Consumer Protection Act (Dodd‐Frank Act or Act) has fundamentally altered the residential mortgage industry. Although the Act was passed just over three years ago, one of the most significant decisions regarding the full impact of the Dodd‐Frank Act came when the Bureau of Consumer Financial Protection (CFPB) announced its final Ability‐to‐Repay rule on January 10, 2013. The CFPB had long been considering two alternative definitions to the term “qualified mortgage.” The disparate alternatives to the ambiguity created by the Dodd‐Frank Act presented enormous implications on the ability of creditors to remain in the mortgage lending industry as well as the ability of consumers to secure affordable mortgage products. This article will discuss the final rule issued by the CFPB.

To read more about this topic, please see full article below:

Download PDF


Legal Disclaimer:
No representation is made that the quality of services to be performed is greater than the quality of legal services performed by other lawyers.

Featured Attorneys

send article

TESTIMONIALS

  • "They are well-respected locally, regionally and nationally.”

    -Chambers 2012

  • “They handle a diverse set of issues – well staffed, well prepared and respected…"

    -Chambers 2012

  • “They have good lawyers and good client base, with a good reputation.”

    -Chambers 2012

  • "...An effective lawyer, a good and smart guy…"

    -Chambers 2012

  • “I work with a lot of lawyers in several states and Greg Harley is one of my favorites; he makes my job easy. He is very efficient, responsive and gets good results for us. I am very pleased.”

    -In-house counsel for a national banking institution