Explore proposed qualified mortgage and ability to repay requirements. Prepare for Regulation Z changes.
The Truth in Lending Act promotes the informed use of consumer credit by prescribing disclosures about loan terms and costs. Implemented by Regulation Z, this law requires financial institutions to provide consumers with substantive protections.
The CFPB has extended the sunset date of the GSE Patch, proposed sweeping changes to the general definition of a Qualified Mortgage, and identified a new category of qualified mortgages – The Seasoned QM. You need a clear understanding of the proposed changes to prepare for necessary changes to your financial institution’s policies and procedures.
- What changes are proposed to the definition of a qualified mortgage?
- How does the ability to repay rule apply?
- What are the specific rules for mortgage loans?
- What unique requirements relate to credit cards?
- How can you properly advertise credit products?