CFPB Eases Qualified Mortgage Job Verification Standard

Law360, New York (April 22, 2013, 5:34 PM EDT) -- The Consumer Financial Protection Bureau on Monday said lenders would not be responsible for determining whether a potential borrower will keep a job in deciding if they can repay a mortgage as part of a series of proposed changes to its qualified mortgage and mortgage servicing rules.

The proposed changes also further outline which mortgage servicers will be included in a “small servicer” exemption as well as providing a firmer definition for which mortgages will be counted among home loans that will be given the protections...
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