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Inside the CFPB’s QM points and fees cure
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Consumer Protection
Friday, October 24, 2014
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The Consumer Financial Protection Bureau finalized a set of amendments to its ability-to-repay rule that took effect in January. Among other things, the amendments establish a mechanism where lenders who exceed the rule’s points and fees cap for qualified mortgages can refund the excess amount and have the loan retain QM status. The bureau made a number of important changes from its points and fees cure proposal. Read on for an in-depth look.
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