Publication
The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule
The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule
by Jennifer Hadley Dioguardi
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer Financial Protection Bureau (CFPB) was tasked with developing the necessary rulemaking to amend Regulation Z. On January 10, 2013, the CFPB issued the highly anticipated final ability-to-repay rule requiring lenders to verify a consumer’s ability to repay a mortgage loan and defining a “qualified mortgage” (Final Rule). The Final Rule becomes effective on January 10, 2014.
About Snell & Wilmer
Founded in 1938, Snell & Wilmer is a full-service business law firm with more than 500 attorneys practicing in 16 locations throughout the United States and in Mexico, including Los Angeles, Orange County and San Diego, California; Phoenix and Tucson, Arizona; Denver, Colorado; Washington, D.C.; Boise, Idaho; Las Vegas and Reno, Nevada; Albuquerque, New Mexico; Portland, Oregon; Dallas, Texas; Salt Lake City, Utah; Seattle, Washington; and Los Cabos, Mexico. The firm represents clients ranging from large, publicly traded corporations to small businesses, individuals and entrepreneurs. For more information, visit swlaw.com.
