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CFPB s New Seasoning Rule is Already Showing Promise Feb 2 2021, 10:14AM The Urban Institute (UI) has looked at a final mortgage rule issued by the Consumer Financial Protection Bureau (CFPB) in late 2020 which would provide a 3-year pathway to safe harbor for loans that are a rebuttable presumption or nonqualified mortgage at origination. The study, by UI analysts Karan Kaul, Laurie Goodman, and Jun Zhu found that loan performance during the first three years of the mortgage term is a better predictor of subsequent loan performance than the rate spread. The rule requires that both rebuttable presumption and nonqualified conventional first-lien ....
Those with mortgages owned by private lenders, such as banks, are not included in this relief. However, some states and banks have also rolled out relief for homeowners. California reached a deal with a number of big banks to provide affected homeowners with a 90-day grace period for all mortgage payments and suspend foreclosures. Connecticut reached a similar agreement and has a list of participating banks. New York Gov. Andrew Cuomo said last month that the state was going to have the banks and financial institutions waive mortgage payments for 90 days. The state s Department of Financial Services sent guidance urging banks and loan servicers to offer 90-day forebearance on mortgage payments. ....
Order Reprints Print Article Recent changes to the rules governing qualified mortgage lending could make it easier or cheaper for some prospective homeowners to get a home loan. The Consumer Financial Protection Bureau last week announced the finalization of two rules for lenders issuing qualified mortgages, or QMs. Many mortgages today are qualified, thanks to rules put in place after the financial crisis; for example, qualified mortgages cannot include spurious practices such as interest-only or balloon payments. QMs also were unavailable to people. Close A Recent Change in Lending Rules Could Make Getting a Qualified Mortgage Easier or Cheaper for Some ....