CFPB FINAL RULES: Final Mortgage Rules Published
On July 24, the CFPB published in the Federal Register the amendments to the 2013 Mortgage Rules under RESPA and Regulation Z. The amendments clarify, correct or amend provisions on:
- The relation to State law of RESPA’s servicing provisions;
- Implementation dates for adjustable-rate mortgage disclosures;
- Exclusions from the repayment ability and prepayment penalty requirements for higher-priced mortgage loans (HPMLs);
- The small servicer exemption from certain servicing rules;
- The use of government-sponsored enterprise (GSE) and Federal agency purchase, guarantee or insurance eligibility for determining qualified mortgage (QM) status; and
- The determination of debt and income for purposes of originating QMs.
The effective date for the final rule is Jan. 10, 2014, except for an amendment to 1026.35(e), which is effective July 24, 2013.
The final rule can be found here.