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Special Alert: CFPB Finalizes Points-and-Fees Cure and Other Mortgage Rule Amendments

Special Alert

Clinton R. Rockwell, Jeremiah S. Buckley, Joseph M. Kolar, John P. Kromer, Jeffrey P. Naimon

Last week, the CFPB finalized an important amendment to its ATR/QM Rule that provides a mechanism for curing points-and-fees overages on qualified mortgage (“QM”) loans, as well as more minor amendments to its mortgage origination and servicing rules. The new rules, which were proposed in April, are detailed below. The discussion below regarding the new origination rules, including the points-and-fees cure, will also appear with the American Bankers Association/Buckley publication, The New CFPB Mortgage Origination Rules Deskbook. (Click here for information about obtaining copies of the Deskbook.)

Click here to view the full special alert.

Questions regarding the matters discussed in this Alert may be directed to any of our lawyers listed below, or to any other Buckley attorney with whom you have consulted in the past.