Choice Act would grant QM status to portfolio mortgages

The June 2013 ATR/QM concurrent final rule provides an exemption to these requirements for: Creditors with certain designations, Loans pursuant to certain programs, Certain nonprofit creditors, and Mortgage loans made in connection with certain Federal emergency economic stabilization programs.

The Mortgage Choice Act of 2013 is a bill that would direct the Consumer Financial Protection Bureau (CFPB) to amend its regulations related to qualified mortgages to reflect new exclusions made by this bill. The CFPB released new regulations regarding the definition of a Qualified Mortgage that took effect in January 2014, a definition that this bill would modify.

To qualify as a QF, eligible facilities (including solar facilities) with power production capacity of greater than 1 MW (1000 kW) must certify their status with the Commission. records of the.

Written by Bernadette Clair, Regulatory Compliance Counsel Small Entity Compliance Guide on ATR/QM. Last week, the CFPB issued an updated Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage (ATR/QM) Rule. This update incorporates changes that were included in.

The CHOICE Act would have provided regulatory relief to parties engaged in residential mortgage lending and related activities by incorporating the following reforms: Clarifying that a retailer of a manufactured home is not a "mortgage originator" for purposes of the Truth in Lending Act unless such person receives compensation or gain for assisting the customer in obtaining a residential mortgage loan;

Qualified Mortgage Status Extended to Loans Held in Portfolio Section 129C(a) of the Truth in Lending Act, as amended by Sections 1411 and 1412 of the Dodd-Frank Act, requires creditors to make a reasonable and good-faith determination of a borrower’s "ability to repay" before making a mortgage loan.

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The new QM rule would recognize all residential mortgage loans held in portfolio by credit unions and other lenders as qualified mortgages for the purposes of the Consumer Financial Protection.

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On June 8, the House of Representatives passed a revised version of the financial choice act (the "Act," available here) in a 233-186 vote.The Act would repeal or modify significant portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") and addresses a wide range of other financial regulations.