Ability-to-Repay and Qualified Mortgage Standards under Truth in Lending Act (Regulation Z) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition‪)‬

The Law Library presents the complete text of the Ability-to-Repay and Qualified Mortgage Standards under Truth in Lending Act (Regulation Z) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition).
Updated as of May 29, 2018

The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer's ability to repay the loan. The final rule implements sections 1411 and 1412 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which generally require creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for “qualified mortgages.” The final rule also implements section 1414 of the Dodd-Frank Act, which limits prepayment penalties. Finally, the final rule requires creditors to retain evidence of compliance with the rule for three years after a covered loan is consummated.

This ebook contains:
- The complete text of the Ability-to-Repay and Qualified Mortgage Standards under Truth in Lending Act (Regulation Z) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition)
- A dynamic table of content linking to each section
- A table of contents in introduction presenting a general overview of the structure