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

  • "I would give them strong marks for their responsiveness and proactive-ness. Responsiveness is an absolute necessity and proactive work is also critically important. I've found Burr to be masters on these aspects. They respond quickly, effectively and efficiently in guiding a deal to closing. Burr & Forman has always been able to deliver expertise from within its proactive group or from another partner in a different section of the firm."

    -Chambers 2012

  • “India is always responsive to our needs in a timely manner, and is able to provide insight into every aspect of our IP issues.  She has up to date, intimate knowledge of the substantive law, and is able to temper this with business reality.  This adds real value to our business and makes her a trusted member of our company’s advisory team.”

    -Patricia C. Wallwork, CEO, Milo's Tea Company, Inc.

  • “He’s really a very, very good securities lawyer…"

    -Chambers 2012

  • “A strong lawyer…"

    -Chambers 2012

  • “I have ultimate trust and complete confidence in them. They have legal abilities and are culturally involved in what we are interested in, that sets them apart…"

    -Chambers 2012