TopMortgage Compliance Update (1)
 

May 7, 2013    

 


GSEs: Ability-to-Repay and Qualified Mortgages 




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Greetings!

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage ("qualified mortgage" or "QM"), including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the "ability to repay" ("ATR") requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).

In January, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing the "ability to repay" provisions of Dodd-Frank, including certain protections from liability for loans that meet the criteria of a qualified mortgage as outlined in the rule.

We have discussed the ability-to-repay provisions HERE, HERE, HERE, HERE , and HERE.

I would like to call your attention to a few important details.

Best wishes,
Jonathan
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IN THIS ARTICLE

Overview

Eligible for Sale to Fannie and Freddie


      Additional Guidance and Notifications      

 

 
 
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FHFA Limiting Fannie Mae and Freddie Mac
Loan Purchases to "Qualified Mortgages"

Federal Housing Finance Agency

May 6, 2013
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