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

  • "Burr & Forman lawyers are high paced and thorough in development and handling of complex issues in land use litigation."

    -Best Lawyers 2012

  • “Gail Mills has the ability to find a solution for the tough problems that arise, and she does it with grace and charm.  As a client, we can rest easy knowing that Gail is more than capable to protect our interests.”

    -Anonymous

  • “Does have a fairly significant commercial real estate group.”

    -Chambers 2012

  • “He has strong business acumen as well as a great grasp of the law. That is a very strong combination. Unless he doesn’t want to work with me I’ll always stay with him.”

    -Chambers 2012

  • “I worked with him before...He’s a good lawyer with a good reputation.”

    -Chambers 2012