The proposal would implement the requirements in Dodd-Frank that a lender determine a consumer's ability to repay before making a closed end mortgage loan. Regulation Z already includes an ability to repay requirement for higher-priced mortgage loans. This rule would apply to all consumer mortgage loans with the exception of HELOCs, timeshare plans, reverse mortgages or temporary loans. The proposal details four different ways to comply with the requirements. Two of the proposed methods are for more traditional loans. The other two proposed methods detail the process for balloon-payment mortgages and refinancing deals.
Already a member? Log in
Members Get More |
This page contains member-only content.Membership is open to all federally insured credit unions in the United States, both federally and state-chartered. Members enjoy:
|
If you are already logged in and believe you should have access to member-only content, please contact us for assistance at info@americascreditunons.org.