CFPB Issues Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule
In February 2013, the Consumer Financial Protection Bureau (CFPB) announced its plans to work with the mortgage industry and other regulators to facilitate the implementation of its mortgage rules. As part of this process, the CFPB is issuing small entity compliance guides, which are “easy-to-understand” summaries of its rules. Their first, the Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule was issued on April 10, 2013. According to the CFPB’s press release, the guide provides a comprehensive summary of the rule in a plain language and FAQ format, which makes the content “more accessible and consumable,” especially for smaller businesses with limited legal and compliance staff. In conjunction with the guide, the CFPB also posted a one-page comparison chart that compares the general ability-to-repay requirements with the requirements for originating qualified mortgages.
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