Minimum Downpayment not Specified by CFPB

As the nationalmortgagenews tells MHProNews, while the much-awaited Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage rule issued Jan. 10 covers rules to determine borrowers’ ability to repay loans and lenders’ protection from liability, it fails to address a required minimum downpayment. Regulators had originally proposed a 20% minimum, but need to decide what if any requirement will be added, and what share of the risk, in any, lenders will need to hold. Meanwhile, the CFPB issued 1,600 pages governing mortgage servicer regulations, setting new limits on foreclosures while borrowers are simultaneously undergoing loan modifications. The regulations apply to servicers who handle 5,000 loans annually. The rules also require borrowers to be notified before their interest rates adjust.

(Image credit: moneycontrol)

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