11
Jul

CFPB Finalizes April Clarifications and Changes

Posted To: MND NewsWire

Clarifications and updates proposed by the Consumer Financial Protection Bureau (CFPB) for the new Truth in Lending Act (TILA) and RESPA rules were finalized by the Bureau today . The final rule addresses several concerns regarding qualified mortgages, mortgage servicing, and higher-priced mortgage loans (HPMLs) expressed earlier by interested parties. Most of the changes are technical in nature but of more general interest may be the following changes and interpretations. The new rule: Clarifies how to determine a consumer’s debt-to-income ratio under the main definition of qualified mortgages. These changes make more explicit how the lender should evaluate stability of income, analysis of overtime and bonus income, Social Security and self-employment income, and non-earned income such as…(read more)

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