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Stephen Ornstein

CFPB Director Provides Update Relating to QM Patch Expiration

January 31, 2020 By Stephen Ornstein

  A&B ABstract: A recent letter from Consumer Financial Protection Bureau (“CFPB”) Director Kathleen Kraninger provides clues about the potential future of the so-called “QM Patch.” Discussion: In  a December 17, 2020 letter to Senator Mike Rounds (“Letter”), CFPB Director Kathleen Kraninger, revealed a number of interesting insights about the CFPB’s ongoing evaluation of the […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans Tagged With: #QMPatch, ATR/QM

Agencies Raise Appraisal Threshold Exemption

October 3, 2019 By Morey Barnes Yost and Stephen Ornstein

A&B ABstract: A new rule from the federal banking regulators reduces the number of residential mortgage transactions for which an appraisal is required.  The rule also incorporates changes to federal appraisal requirements made by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. On September 27, 2019, the Federal Deposit Insurance Corporation, the […]

Filed Under: Appraisal and Valuation, Mortgage Loans Tagged With: #evaluations, #federally related transactions, #FIRREA

CFPB Rules Permit Qualified Mortgage “Cures”

September 23, 2019 By Stephen Ornstein

A&B Abstract: What happens when a proposed qualified mortgage is later discovered to have points and fees in excess of the statutory threshold?  The answer lies in a cure provision scheduled to sunset on January 21, 2021.  CFPB Rules Permit Qualified Mortgage “Cures” What happens to an originator or assignee of a “qualified mortgage” who […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Loans Tagged With: Ability to Repay, QM

QM Patch Update: CFPB Proposes to Let Patch Expire

August 4, 2019 By Stephen Ornstein

A&B Abstract The CFPB has issued an Advance Notice of Proposed Rulemaking regarding the fate of the “QM Patch,” indicating that it will not extend the “QM Patch” permanently. Advanced Notice of Proposed Rulemaking In a surprise development, on July 25, 2019, the Consumer Financial Protection Bureau (“CFPB”) issued an advance notice of proposed rulemaking […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans Tagged With: QM Patch, QM/ATR

The Fate of the QM Patch

July 22, 2019 By Stephen Ornstein

A&B Abstract: With the January 2021 expiration of the so-called “QM Patch” looming, what courses of action are available to the CFPB? Background One of the most vexing issues currently facing the Consumer Financial Protection Bureau (“CFPB”) is the fate of the so-called “QM Patch”.  The CFPB’s ability-to-repay/qualified mortgage regulations promulgated pursuant to the Dodd-Frank […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Loans Tagged With: ATR Rule, QM Patch

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