NationalMortgageNews says the Consumer Financial Protection Bureau is set to release Dodd-Frank’s Qualified Mortgage (QM) regulation Jan. 10 in Baltimore. Under the new regulation, lenders must verify assets of the consumers, and in exchange, lenders will have a legal safe harbor. A rule the CFPB has considered is in cases where the borrower has debt over 43 percent of income, or non-prime interest rates, borrowers or bondholders could sue if they thought the lender had erred on extending on the loan. Seven regional banks asked the CFPB to allow until Jan. 24, 2014 for compliance with the QM rule. The new rules on servicing define the interaction between the buyers and lenders, and reportedly will be released Jan. 17. Banks asked for compliance date of July 21, 2014 for the servicing rules. MHProNews has been informed the law allows up to 12 months for full implementation of the CFPB’s regulations.

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