The challenge of the ability-to-repay rule in 2014

Richard J. Andreano, Jr., is the Co-Practice Leader of Ballard Spahr’s Mortgage Banking Group. He has devoted 30 years of practice to financial services, mortgage banking, and consumer finance law.

Black Knight: Cash-out refis up 68% since 2Q 2014 Cash-out refinances were up 68% year-over-year from the second quarter of 2014, as borrowers take advantage of still-low rates and newfound equity in their homes, according to Black Knight.

 · Fitch Ratings announced it has finalized its criteria for analyzing loans securing U.S.residential mortgage-backed securities (RMBS) under the new qualified mortgage (QM) and Ability-to-Repay rule.

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Ability-to-Repay Rule. The new "Ability-to-Repay rule" requires lenders to underwrite pretty much ALL new residential home loans a lot more stringently than in past years, namely the 2000s. However, the new mortgage rules are pretty much on par with today’s underwriting standards, which have become much more rigorous in light of past abuses.

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In January 2013, the Bureau issued a rule titled “Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)” to implement sections 1411, 1412, and 1414 of the Dodd-Frank Act with an effective date of January 10, 2014. This document refers to this rule as the “January 2013 Rule.”

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Elizabeth Holmes's Top 10 Rules For Success (@eholmes2003) II. The Core Requirement: A Reasonable Determination of an Ability-to-Repay. Segment two of the ATR/QM video reviews the most basic requirement of the ATR/QM rule: the determination of a consumer’s ability to repay a loan that is a covered transaction.

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