December 1, 2010
Detailed summary of provisions in Title XIV: "Mortgage Reform and Anti-Predatory Lending Act" Subtitles A-C: Mortgage Originations
- Key Definitions & Concepts
- "Qualified mortgage"
- "Residential mortgage loan"
- "Mortgage originator"
- Origination standards – originators (Subtitle A)
- Duty of care
- Originator compensation (including yield spread premiums)
- Origination standards – loans (Subtitle B)
- Ability to Repay
- Prepayment penalties
- Other minimum standards
- Additional Disclosures
- TIL Remedies – general amendments
- HOEPA – High cost loans (Subtitle C)
- Definition of "high cost loan" – key change
- Substantive protections – key changes
- New creditor defense