2013: New Rule - 43% Debt Ratio
- 01/17/13 02:10 AM
The Consumer Financial Protection Bureau (CFPB), has new rules with implementation by mortgage lenders to begin January 21, 2013 - Martin Luther King Day. In the spirit of that day, "I have a dream" that Dodd-Frank will someday be repealed, but for now we have to wake up and get to work trying to comply with it. Among other rules in the 800 page legislation set for the January 21st deadline there is the Definition of a Qualified Mortgage. The largest focus so far seems to be on income documentation and the allowed debt ratio. No stone can go unturned when … (0 comments)
The Consumer Financial Protection Bureau (CFPB), has new rules with implementation by mortgage lenders to begin January 21, 2013 - Martin Luther King Day. In the spirit of that day, "I have a dream" that Dodd-Frank will someday be repealed, but for now we have to wake up and get to work trying to comply with it. 
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