The Consumer Financial Protection Bureau has proposed minor changes to its mortgage origination and servicing rules that took effect in January 2014. One proposal includes a limited, post-consummation “cure” provision under the Qualified Mortgage Rule for loans that exceed the points and fees cap. Two other proposed changes focus on ensuring access to credit by providing additional origination and servicing exemptions to certain nonprofit organizations.
In conjunction with the proposed changes, the CFPB is requesting comments on the need to provide a post-consummation cure for Qualified Mortgage loans originated in good faith that exceeded the 43% debt-to-income ratio limit, as well as proposed methodologies for such a cure. The CFB is also gathering feedback and data from small creditors on their experience with the January 2014 mortgage rules and how the rules have impacted origination activities.
Read the proposed rule: http://files.consumerfinance.gov/f/201404_cfpb_tila_proposed-amendments.pdf