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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.