In this video, Pepper partner and chair of the firm's Financial Services Practice Group, Richard P. Eckman, describes what the webinar covered and why viewers will want to watch the webinar recording.
The Consumer Financial Protection Bureau (CFPB) has announced new final rules that will undoubtedly change mortgage banking in the United States- and according to some commentators, may lead to certain loan originators and servicers giving up the mortgage business entirely. One of the most important rules is the Ability-to-Repay and Qualified Mortgage Standards Rule (Qualified Mortgage Rule), which sets strict standards for banks and other loan originators for ensuring a borrower's ability to repay a mortgage, and with respect to Qualified Mortgages forbids loan terms such as "interest-only" or "no documentation" loans, "teaser" rates and, in certain cases, balloon payments. Many commentators say the tighter restrictions, and the potential penalties for originating loans that are not Qualified Mortgages, will make it tougher for some consumers to get loans and may force some lenders to leave the mortgage business altogether.
Join our panel to discuss the Qualified Mortgage Rule, and what you need to do to comply.