In Considering Mortgage Rule, CFPB Focused on Access to Credit
American Banker
March 28, 2012
Davidson, Kate
The Consumer Financial Protection Bureau will issue a final rule by the end of June defining what constitutes a "qualified mortgage" that will be exempt from new rules compelling lenders to verify borrowers' repayment ability. Deputy director Raj Date says the agency is looking closely at consumer credit access as it finalizes the rule. The CFPB also plans to spend the coming months working on national servicing standards, monthly mortgage statement disclosures, and force-placed insurance notices, among other priorities.
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