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Industry groups urge CFPB to consider possible QM DTI cure, correction mechanism
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Banking
Friday, July 11, 2014
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Groups representing mortgage lenders urged the Consumer Financial Protection Bureau to address concerns that debt-to-income ratio calculation errors could jeopardize a loan’s status as a qualified mortgage under the ability-to-repay rule. In April, the CFPB sought feedback on whether it should consider crafting a provision that would allow lenders to cure or correct a DTI error. Some industry commenters supported such a provision. Consumer advocates, on the other hand, argued that a cure or correction provision would harm consumers and would be unworkable as a practical matter.
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