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Inside the CFPB’s proposed QM points and fees cure
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Consumer Protection
Wednesday, May 7, 2014
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The Consumer Financial Protection Bureau proposed mortgage rule amendments that would establish a mechanism where lenders who exceed the bureau’s qualified mortgage points and fees cap could refund the excess amount to consumers and still have the loan retain QM status. Read on to learn about the proposed QM points and fees cure provision and the CFPB’s request for comments regarding whether it should propose a cure or correction provision for QM’s debt-to-income ratio cap.
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