Small Entity Compliance Guide for Ability-to-Repay and Qualified Mortgage Rule

The CFPB published a Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule. The purpose of the guide is to provide a comprehensive, accessible rule summary in FAQ format for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

Cross-Reference(s): Dodd-Frank Act Title XIV [Mortgage Reform and Anti-Predatory Lending Act].

View Guide in full here (links externally to CFPB website).Related News Items: "CFPB Issues "Ability-to-Repay" Final Rule Regarding Mortgage Lending" (January 10, 2013); "Ability-to-Repay and Qualified Mortgage Standards under the Truth in Lending Act (Regulation Z); Final Rule, Official Interpretations (CFPB - Fed. Reg. Version)" (January 30, 2013); "Ability to Repay Standards under the Truth in Lending Act (Regulation Z); Proposed Rule, Comment Request (CFPB - Pre-Fed. Reg. Version) (with Lofchie Comment)" (January 16, 2013); "Truth in Lending (Regulation Z) (CFPB; Final Rule; Official Interpretations)" (March 28, 2013); "CFPB Guide on International Fund Transfers" (October 15, 2012).