New Home Mortgage Rules
On January 10 and January 18, 2014, new home mortgage rules became effective. These rules are complex and voluminous. They provide detailed regulation of a lender’s determination of the ability to repay loans, high rate home equity lines of credit (HOEPA), and appraisals. The Consumer Financial Protection Bureau has issued a number of compliance guides describing the new rules. Click here to find more information on the Bureau’s website.