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2013-01-30
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Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)
Part II
Rules and Regulations
D09002ee1bdcaab0c
D09002ee1bdcaac18
United States
Bureau of Consumer Financial Protection
originator
org
United States Government Agency or Subagency
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. 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, or temporary loan) and establishes certain protections from liability under this requirement for ``qualified mortgages.'' The final rule also implements section 1414 of the Dodd-Frank Act, which limits prepayment penalties. Finally, the final rule requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated.
78 FR 6408
https://www.govinfo.gov/app/details/FR-2013-01-30/2013-00736
2013-00736
fr30ja13-14
RIN 3170-AA17
4810-AM-P
CFPB-2011-0008
CFPB-2012-0022
https://www.govinfo.gov/app/details/FR-2013-01-30/2013-00736
https://www.govinfo.gov/content/pkg/FR-2013-01-30/html/2013-00736.htm
https://www.govinfo.gov/content/pkg/FR-2013-01-30/pdf/2013-00736.pdf
Advertising
Consumer Protection
Mortgages
Reporting and Recordkeeping Requirements
Truth in Lending
213 p.
6408
6620
78 FR 6408
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Regulation Identification Number 3170-AA17
RIN 3170-AA17
Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z); Federal Register Vol. 78, Issue
RULE
2013-00736
II
BUREAU OF CONSUMER FINANCIAL PROTECTION
2014-01-10
CFPB-2011-0008
CFPB-2012-0022
4810-AM-P
2013-00736
Final rule; official interpretations.
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. 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, or temporary loan) and establishes certain protections from liability under this requirement for ``qualified mortgages.'' The final rule also implements section 1414 of the Dodd-Frank Act, which limits prepayment penalties. Finally, the final rule requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated.
The rule is effective January 10, 2014.
Joseph Devlin, Gregory Evans, David Friend, Jennifer Kozma, Eamonn K. Moran, or Priscilla Walton-Fein, Counsels; Thomas J. Kearney or Mark Morelli, Senior Counsels; or Stephen Shin, Managing Counsel, Office of Regulations, at (202) 435- 7700.
Advertising
Consumer Protection
Mortgages
Reporting and Recordkeeping Requirements
Truth in Lending
Ability-to-Repay and Qualified Mortgage Standards under Truth in Lending Act (Regulation Z)
,
CFPB_Public_PRA@cfpb.gov
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www.huduser.org/Publications/pdf/MortgageRefinance03.pdf
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2013-01-30
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