Proposed Clarifications of the Ability to Repay/QM and Mortgage Servicing Rules

The CFPB issued proposed clarifications to the 2013 Escrows Final Rule, as well as a more recent proposal to address questions regarding qualified mortgages and servicing.

The recent proposal addresses five topics:

• Debt-to-income ratio;
• Contract variances and the temporary QM provision;
• Purchase, guarantee or insurability status and the temporary QM;
• No field preemption under Regulation X; and
• Small servicer exemption.

Click here to view the proposed rule (links externally to CFPB website).