The CFPB on Friday issued what itcalled amendments and clarifications to its mortgage rules,following up on questions it said arose during the implementationprocess since they were issued in January.
The new rules include an exemption of all small creditors –including those in rural or underserved counties – from a newban on high cost mortgages featuring balloon payments “as long asthe loans meet certain restrictions,” the CFPB said.
That exemption will continue while the re-examination process ofthe “ability to repay” mortgage rules continues, the bureau said inthe announcement.
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