cfpb: Ability to Repay and Qualified Mortgage Standards Under Regulation Z - 01/10/13 08:54 AM
Ability to Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)  
The CFPB (Consumer Finance Protection Bureau) amended Regulation Z and released their revised rules at 4:30 pm ET today (Jan 10, 2013) regarding the Ability to Repay and Qualified Mortgage Standards.  The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, … (9 comments)