CFPB releases latest exam procedures for mortgage rules

08/15/2013 | AmericanBanker.com (free registration)

The Consumer Financial Protection Bureau issued an update Thursday that provides more information on how the agency will look at lenders to ensure they're complying with rules regarding ability-to-repay standards, qualified mortgages and high-cost mortgages and their appraisals. For example, the agency will require that a lender prove that a borrower can afford to pay back the principal and the interest, not just during the introductory period when rates are lower, but also over the long term.

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