CFPB Issues a Basic Guide for Lenders Regarding Qualified Mortgages

The Consumer Financial Protection Bureau (CFPB) issued a guide for lenders regarding qualified mortgages (QM). The high level document was issued in connection to the Ability to Repay Rule that becomes effective January 10, 2014. Three main categories of QMs are identified in the guide, including a general definition, “GSE-eligible,” and small creditor. Mandatory product feature requirements are also addressed in the guide. To view the guide, click here.

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