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What is a high cost mortgage

what is a high cost mortgage

At a Glance

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The rule

This rule is effective January 10, 2014.

Breakdown of the document’s contents

This document contains the following parts:

  • Preamble summarizing why we are issuing the rule, our legal authority, reasoning behind the rule, responses to comments, and analysis of the benefits, costs, and impacts of the rule
  • Regulatory text. which, when effective, will amend Regulations X and Z and can be found on page 373 in the document above
  • Official interpretations of the rules which can be found on page 396 in the document above

Compliance guide and related information

Read the Small Entity Compliance Guide to learn more about the rule in a plain language and FAQ format which makes the content more accessible for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

What this means for consumers

The new rule will go into effect on

January 10, 2014. This summary outlines some of the ways we expect it to impact consumers who have residential mortgage loans. Download the consumer summary.

Related proposals

June 21, 2013: We issued a proposed rule with request for public comment that proposed certain amendments for several of the final mortgage rules we issued in January 2013. This proposal was published in the Federal Register on July 2, 2013. You can also review comments submitted on the electronic docket .

The Bureau issued for public comment its proposal to amend Regulation Z to implement the Dodd-Frank Act amendments to HOEPA on July 9, 2012. This proposal was published in the Federal Register on August 15, 2012.

The proposed rule and comments received are also available on the electronic docket .

The CFPB blog aims to facilitate conversations about our work. We want your comments to drive this conversation. Please be courteous, constructive, and on-topic. To help make the conversation productive, we encourage you to read our comment policy before posting. Comments on any post remain open for seven days from the date it was posted.

Category: Credit

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