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CFPB Issues Final Rule Establishing Ability to Repay and Qualified Mortgage Standards
16 January 2013
The CFPB's new Qualified Mortgage rule is expected to define the core of the U.S. mortgage market of the future.
The final rule provides a conclusive safe harbor for Qualified Mortgages in the prime market, but only a rebuttable presumption of compliance for higher-priced loans.
A new 43% debt-to-income ratio requirement was added by the final rule, with a temporary exception for certain loans that meet GSE and government agency underwriting standards.
The rule will become effective on January 10, 2014.
Mary Beth Hogan
Satish M. Kini
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