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This section also defined a "Qualified Mortgage" as any residential mortgage loan that the regular periodic payments for the loan does not increase the principal balance or allow the consumer to defer repayment of principal (with some exceptions), and has points and fees being less than 3% of the loan amount.
[2] According to the NAFCU, the bill would make changes to a "troublesome definition" found in the Dodd–Frank Wall Street Reform and Consumer Protection Act that currently results in many affiliated loans not qualifying as Qualified Mortgages. According to the NAFCU, this leads to credit unions not offering such loans which causes consumers ...
The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. [1] The law overhauled financial regulation in the aftermath of the Great Recession , and it made changes affecting all federal financial regulatory agencies and almost every ...
The Consumer Finance Protection Bureau's new mortgage rules have created the concept of a "qualified mortgage" - one which entails strict guidelines for lenders and borrowers alike. While this is ...
Assessing a borrower’s ability to repay: Before issuing a high-cost mortgage, the mortgage lender must thoroughly review the borrower’s finances, including credit history, income, assets and debt.
Dodd–Frank Wall Street Reform and Consumer Protection Act Economic Growth, Regulatory Relief and Consumer Protection Act The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( FIRREA ), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s.