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CFPB proposes first post-implementation mortgage rule revisions
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Consumer Protection
Thursday, May 1, 2014
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The Consumer Financial Protection Bureau proposed its first set of mortgage rule adjustments since those rules took effect earlier this year. The proposal lays out limited circumstances where lenders who exceed the bureau’s qualified mortgage points and fees cap can refund the excess amount to consumers and still have the loan be considered a QM. The proposal also includes two changes that would help certain nonprofit organizations continue to provide mortgage credit and servicing to underserved populations. Part one of this three-part series on the proposal provides an overview of the bureau’s plan.
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