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Heirs can take over mortgages without triggering ATR rule, CFPB says
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Consumer Protection
Friday, July 11, 2014
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The Consumer Financial Protection Bureau issued an interpretive rule clarifying that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the agency’s ability-to-repay rule. The CFPB made the clarification after industry and consumer advocates expressed uncertainty about the application of the ATR rule in situations where a successor-in-interest seeks to be added as an obligor or substituted for the current obligor on an existing mortgage. Read on to learn about the interpretive rule.
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