QM takeaways: What you must know about the CFPB’s new mortgage rules

The Consumer Financial Protection Bureau released several important rules in January and the sheer volume of new requirements promises to complicate regulatory compliance for lenders. During the recent Independent Community Bankers of America Convention and Techworld in Las Vegas, John Redding, a partner with Buckley Sandler LLP, discussed aspects of the rules that lenders should be aware of. Part one of this multi-part report focuses on the new ability-to-repay rule. Read on to learn why lenders may need to retain some records far longer than the three years set forth in the CFPB’s final rule.