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

  • “He is an excellent attorney, a very good litigator. He has a very good and calm demeanor and doesn’t get wild. He keeps his cool and continues to pile on. He is a good planner in terms of strategy."

    -Chambers 2012

  • "Burr & Forman is the best firm we have had work for us. The lawyers are knowledgeable, responsive, and have a depth of expertise in all areas. We have a high level of confidence in their representation of our company."

    -Best Lawyers 2012

  • “His professionalism, responsiveness, efficiency and depth of knowledge have impressed me."

    -Chambers 2012

  • "Burr & Forman has very good experience, and I would highly recommend the firm."

    -Best Lawyers 2012

  • “I have an excellent working relationship with a number of attorneys at the firm, all of whom I trust to handle our problems. Even at a generously negotiated rate, we pay the attorneys at Burr & Forman a slightly higher rate than we pay other attorneys for similar services. We are willing to pay that premium because of the firm’s competence in so many areas, whereas other smaller firms tend to specialize in areas and have weaknesses in others.”

    -Chambers 2012