Tag Archives: Housing and Urban Development

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting standards upon lenders to ensure that prospective buyers have the ability to repay their mortgages. A failure to comply with these requirements will constitute a … Continue reading this entry

HUD Provides Long-Sought Clarification on Home Warranty Guidelines

On February 21, 2008, the U.S. Department of Housing and Urban Development (HUD) issued an informal (and non-binding) staff interpretation regarding home warranty companies, which seemed to raise more questions than it answered, primarily on the issues of marketing agreements and the marketing of home warranties. The agency found itself besieged by industry groups demanding … Continue reading this entry

HUD's New Settlement Cost Booklet

The Department of Housing and Urban Development has released a new Settlement Cost Booklet, much of which is dedicated to the new Good Faith Estimate and HUD-1 Settlement Statement (read more about the changes here). Pursuant to the new rules promulgated under RESPA, effective January 1, 2010, lenders and mortgage brokers must provide the Settlement … Continue reading this entry