Industry groups are calling on the consumer bureau to eliminate the debt-to-income limit for “qualified mortgages” and provide a short-term extension of special treatment for Fannie- and Freddie-backed loans.
The industry has long worried that the ability-to-repay rule gives borrowers an avenue to fight foreclosure, but one plaintiff’s experience may discourage others from trying.
With the agency mulling changes to the “Qualified Mortgage” regulation, mortgage lenders say little-known standards for how they document a borrower’s income would be a good place to start.
The agency's spring rulemaking agenda includes the process for collecting small-business data as well as underwriting rules for GSE-backed loans. But what's missing from the list may be just as important.
A GSE exemption in the bureau’s “qualified mortgage” rule is set to sunset in 2021, and regulators should not try to extend it as some experts have suggested.
JPMorgan Chase's banner quarter didn't stop executives from warning that the pause in rate hikes could crimp profits, or from hinting that the bank might downsize its mammoth mortgage operation.
Absent some policy change, nearly a third of the loans backed by Fannie Mae and Freddie Mac could be in violation of the Consumer Financial Protection Bureau's Qualified Mortgage rule in two years.
An internal agency analysis says changing the name of the bureau to the BCFP, as Mulvaney wants, could cost banks, credit unions and mortgage firms $300 million. It doesn’t have to be this way.
