Rural, Small Creditor Exemptions Expanded

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Posted To: MND NewsWire

Eligibility for specific exemptions to the Qualified Mortgage (QA) that apply to small creditors operating in rural or underserved areas Eligibility for specific exemptions to the Qualified Mortgage (QA) that apply to small creditors operating in rural or underserved areas has been expanded by the Consumer Financial Protection Bureau (CFPB) effective March 31. The change came in an interim final rule that CFPB says it has issued to implement recent congressional legislation. According to CFPB Director Richard Cordray. “This rule provides broader eligibility for lenders serving those areas to originate balloon-payment qualified and high-cost mortgages.” Under the Ability to Repay rule which went into effect in January 2014, a category of loans called Qualified Mortgages, which cannot include…(read more)

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