Yet Another Final Rule Change to the Mortgage Ability-to-Pay Requirements
This rule provides an exemption to the ability-to-pay requirements for creditors that meet certain designations, loans made under specific programs, certain nonprofit creditor designations, and loans made in connection with certain Federal emergency economic stabilization programs; also adds some provisions to the definition of a qualified mortgage and modifies requirements regarding loan originator compensation in the points and fees calculation. [6/13]