At the beginning of the year, it seemed like this summer was going to be a hot one in terms of compliance. You may remember that the CFPB had drawn up plans to release a few mortgage loan rules, along with some mortgage servicing rules. It may come as some good news for some that the heat will not turn up so quickly for one of these mortgage rules.
Last week, the CFPB announced that it was going to delay the release of the final rule for the “Ability-to-Repay” mortgage rule. The CFPB is asking for public comments on new data that may change how they draft the final version of this rule. They have stated that they are just looking for public comments on the new data itself, and will not be accepting comment on the ability-to-repay rule. The CFPB will accept these public comments until July 9.
This will be a nice reprieve from all of the other forthcoming mortgage rules. Do remember, that the CFPB is still developing rules for mortgage loan closing documents, rules regulating mortgage origination points and fees, and addressing mortgage loan originators’ qualifications and compensation. These rules are still scheduled to be released this summer.
Now would be the time to take a break, sit back and take in a little sun to enjoy this short amount time before the heat kicks back up on these mortgage rules.