CFPB posts small-entity guide on QM
April 11, 2013 – A compliance guide for small entities affected by the CFPB’s ability-to-repay/qualified mortgage rules was released Wednesday in plain language and following a frequently asked questions format.
The guide is one of many expected to come from CFPB as it releases compliance helps on its mortgage rules. NAFCU has long pressed for such guidance and welcomed it in a NAFCU Compliance Blog post Monday.
“Our goal with this guide is to provide a comprehensive rule summary in a plain language and FAQ format,” the CFPB said in an announcement which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff,” the CFPB said in an announcement Wednesday.
“Although each guide summarizes a rule, it is not a substitute for the underlying rule,” the bureau notes.
The bureau says it plans to publish guides for each of its new mortgage rules over the next several weeks; the guides will be accessible on the CFPB’s individual mortgage rule pages. Anyone who has signed up for updates will receive email announcements as the guides are published.
Sign up for updates on the CFPB’s Regulations page. The CFPB is also welcoming feedback, including suggestions for improvements, via email to CFPB_TitleXIVRules@cfpb.gov.
CFPB small-entity guide, ability-to-repay/QM rule
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NAFCU Compliance Blog, 4/8