What is a high cost mortgage
At a Glance
advertising; condominiums; consumer protection; Credit; credit unions; housing; mortgage servicing; mortgagees; mortgages; national banks; reporting and recordkeeping requirements; savings associations; truth in lending;
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.
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 .
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