404 New Ability to Repay Mortgage Rules - Legal Update - Moulinos & Associates

New Ability to Repay Mortgage Rules

Here is a summary of the new rules which were released today by the Consumer Financial Protection Bureau (CFPB) which are intended to protect borrowers from obtaining loans that they cannot afford to repay. The rules eliminate “no doc” loans, preclude banks from using “teaser rates” and eases the requirements for borrowers refinancing loans which are deemed risky to more conventional loans.

About Peter Moulinos
The founder and partner of Moulinos & Associates LLC. His experience as an attorney includes practice on matters involving commercial law, real estate law, litigation, international law, employment law, estate practice and trademark matters.

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