The Consumer Financial Protection Bureau has offered clarifications to the mortgage rules first issued in January.
The new changes clarify the exemptions for several new mortgage regulations, including the ability-to-repay, qualified mortgage rules and escrow rules.
"The exemptions in the mortgage rules added both relief and some confusion for lenders that initially thought they would not be able to write mortgages outside of the qualified mortgage rule," writes American Banker's Rachel Witkowski.
"We want these updates to provide further clarity and guidance on how to comply with the rules," the bureau said in a blog posting late Friday that went largely unnoticed. "They are an opportunity to address important questions raised by industry, consumer groups, and other agencies."
For the full piece see "CFPB Clarifies Exemptions to Mortgage Rules" (may require subscription).