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Volume 2014 - Number 17

May 1, 2014

CFPB Announces Limited ‘Right to Cure’ for Loans That Fall Outside the 3 Percent Points and Fees Cap

Mortgage lenders scored a victory this week when the Consumer Financial Protection Bureau announced it will grant lenders a “right to cure” home loans that inadvertently exceed the 3 percent points-and-fees cap for qualified mortgages. “The bureau is proposing to allow for a post-consummation cure of points-and-fees overages only where the loan was originated in good faith as a qualified mortgage to ensure that the cure provision is available only to creditors who make inadvertent errors in the origination process and to prevent creditors from exploiting the cure provision by intentionally exceeding the points-and-fees limits,” the agency said. Currently, under the CFPB’s ability-to-repay rule, the points and fees charged to a consumer on a QM loan generally cannot exceed...

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