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CFPB Wraps Up Revamp of Mortgage Underwriting Rules

The Consumer Financial Protection Bureau has issued two final rules easing mortgage-lending rules about a borrower’s repayment ability. So reports Reuters.

!--more-->The move by the consumer watchdog aims to expand the mortgage options for lower-income borrowers by lowering the liability risk to lenders.

One of the CFPB’s new rules substitutes a price-based limit for the current 43% debt-to-income ratio limit in the definition of a general “qualified mortgage.”

Read the full article from Reuters.

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