Learn how to work with electronic documents and signing.  An online video tutorial.

 

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The Qualified Residential Mortgage Rule

The final Qualified Mortgage/Ability to Repay rule was released yesterday by the Consumer Financial Protection Bureau (CFPB). This final rule is effective January 10, 2014.This is a major directive that will impact the standard underwriting and documentation requirements, as well as limits to rates and fees.

The MBA provided significant input for consideration by the CFPB, and the result of the industry input is evident in the evolution of the final rule from earlier versions. The complete rule will be analyzed over the coming weeks and months as our industry prepares for implementation. We will continue to monitor significant directives and provide updates as we receive them.

 

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For most Americans, buying a home means taking out a mortgage loan. The Dodd-Frank Act requires us to combine the Truth in Lending and Real Estate Settlement Procedures Act disclosures. You receive these disclosures after you apply for a mortgage and shortly before you close on the mortgage. We decided to involve the people who will actually use the new forms – consumers, lenders, mortgage brokers, settlement agents – in combining and improving them. These are the results so far.

 

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