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

  • “David Houston is very thorough and responsive. He has developed a good understanding of my company’s needs and expectations, and works to anticipate those needs in advance. David is very knowledgeable about a number of topics.”

    -Chambers 2012

  • “As a client of Burr & Forman, I feel that my organization has excellent representation.  I have consulted with Amy Jordan and Bryance Metheny on numerous issues and have always found them both to be very responsive and to clarify legal matters or concerns with a sense of urgency. Specifically, Amy has handled our EEOC claims with the utmost attention to detail and has been the reason that we were successful in defending our EEOC claims with the level of success that we have had thus far.

    When we were being inundated with unemployment decisions favoring former employees, Bryance and Amy met with our Human Resources team to instruct us on the specifics of the section of law and we have had great success in turning our experience rating and saving our company a great deal in unemployment costs.  My organization relies heavily on the attorneys at Burr & Forman to provide legal advice as it relates to our strategic initiatives and to decrease our liability as an employer.”

    -Catherine Houston, Director of Human Resources, CLP Corporation

  • “He knows the law and knows my goals and objectives. He knows my style and is good at navigating between the issues. He balances my expectations and preferences with what is practical. There is nothing he could do better.”

    -Chambers 2012

  • “He quickly grasps the issues and tailors the trial and testimony for maximum benefit.”

    -Chambers 2012

  • “Larry’s knowledge of the bankruptcy code is as good as I’ve seen in my years working with Chapter 11 cases and financially distressed companies. He also brings a practical side in resolving issues with various creditor groups. This ability to address various groups the strong and weak points in a non-confrontational manner avoids undue delay and costly litigation in many cases. However, when confrontation is unavoidable, Larry is quite the fine trial lawyer as well.”

    -Chambers 2012