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CFPB Proposes Clarifications on Mortgage Rules

Posted on 4/25/2013

The CFPB has proposed several clarifications to its ability-to-repay and mortgage serving rules.

These proposed amendments clarify or correct provisions on (1) the relation to state law of Regulation X's servicing provisions; (2) the small servicer exemption from certain servicing rules; (3) the use of government-sponsored enterprise and federal agency purchase, guarantee or insurance eligibility for determining qualified mortgage status; and (4) the determination of debt and income for purposes of originating qualified mortgages (Appendix Q).

The CFPB has announced that it plans to finalize these proposals expeditiously so that they become fully incorporated into the final rules that must be implemented by January 2014. The Bureau also noted that it intends to propose additional clarifications to the servicing and other rules in June. According to the CFPB, the proposals are part of a "commitment to facilitate implementation of the rules issued in January under the Dodd-Frank Actů [and] to see that it is implemented effectively."

These proposals are not yet posted to the Federal Register, and the public will have 30 days to submit comments once they are officially published.

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