Summary of Key Provisions (Mortgage Originations) in Dodd-Frank Wall Street Reform and Consumer Protection Act


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Published: December 1, 2010

Detailed summary of provisions in Title XIV:  “Mortgage Reform and Anti-Predatory Lending Act”  Subtitles A-C:  Mortgage Originations 

Contents:

  • Timeline
  • Key Definitions & Concepts
    • “Qualified mortgage”
    • “Residential mortgage loan”
    • “Mortgage originator”      
  • Origination standards – originators (Subtitle A)
    • Duty of care
    • Originator compensation (including yield spread premiums)
    • Steering
  • 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