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Freddie Mac Announces Updates in Response to CFPB Revised General QM Rule and Amended PSPA | Weiner Brodsky Kider PC

To embed, copy and paste the code into your website or blog: Freddie Mac recently issued Bulletin 2021-13 that discusses updates in response to the CFPB Revised General Qualified Mortgage (QM) rule.  The Bulletin clarifies that under the amended Preferred Stock Purchase Agreement (the Amended PSPA) that Freddie Mac, through the FHFA as its conservator, entered into with the Department of Treasury, Freddie Mac will no longer be able to purchase QMs under the GSE Patch for mortgages with applications received on or after July 1, 2021, and all mortgages with settlement dates after August 31, 2021.  The Bulletin explains that as of the dates listed above all loans that are subject to the Revised QM Rule that are originated in reliance on the GSE Patch will be ineligible for sale to Freddie Mac, unless the loan meets the General QM definition under the Revised QM Rule and continues to meet Freddie Mac’s other requirements in the Seller Guide.  Mortgages originated using the origina

CFPB Issues New Proclamations Under Biden Administration

Thursday, April 22, 2021 One of my treasured childhood memories is of the summertime, when my father would come home from the bank for lunch and turn on a rerun episode of his favorite TV sitcom,  The Andy Griffith Show. To my delight, within the past couple of years, my children have discovered these reruns, presumably while looking for something to occupy their time when avoiding homework during an imposed video game moratorium. They have displayed the same genetic disposition toward this television classic and, within a short period of time, watched all episodes ever created before moving on to its equally folksy spin-off, 

The CFPB is Sending Mixed Messages on COVID-19 Flexibility | Alston & Bird

To embed, copy and paste the code into your website or blog: A&B ABstract: The CFPB’s inconsistent statements about the need for flexibility to address the pandemic suggest a deeper game afoot.   CFPB warns that continued COVID flexibility for financial institutions is not prudent… On March 31, 2021, the CFPB announced it would be rescinding seven policy statements issued last year that provided financial institutions with flexibilities regarding certain regulatory filings or compliance with consumer financial laws and regulations due to the COVID-19 pandemic. One of the rescinded statements, for example, encouraged financial institutions to “work constructively with borrowers and other customers affected by COVID-19 to meet their financial needs” and to that end, “when conducting examinations and other supervisory activities and in determining whether to take enforcement action, the Bureau will consider the circumstances that entities may face as a result of the COVID

Training, AE jobs; Pricing, Risk Mgt , Dashboard Tools; Servicing Package for Sale; Investors Adapt to Agency Shifts

Training, AE jobs; Pricing, Risk Mgt , Dashboard Tools; Servicing Package for Sale; Investors Adapt to Agency Shifts
mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.

MBA: Delaying Non-QM Rule Will Bring Uncertainty To Housing

Inman Connect Early in March, the Consumer Financial Protection Bureau (CFPB) proposed to delay the mandatory compliance date for its General Qualified Mortgage final rule. Now, the Mortgage Bankers Association is standing against that proposal, saying it would bring uncertainty to the housing market.  The CFPB issued final rules related to qualified mortgage (QM) loans back in December. Lenders are required under the law to determine that consumers have the ability to repay mortgage loans before lenders make those loans. Loans that meet legal standards for QM loans are presumed to be loans for which consumers have such an ability to repay.

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