Good-faith assessments are a key feature of the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay/Qualified Mortgage (ATR/QM) rule. Approximately half a decade after its effective date, the rule was the subject of its own good faith assessment of sorts to ensure its effectiveness in preventing the issuance of subprime mortgage loans.
Section 1022(d) of Dodd-Frank requires the CFPB to conduct what could be assessment of its significant rules and order and publish a report of each assessment within five years of their of their effective dates rule or order.
Get a first look at the rule’s impact on the mortgage lending industry.