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A small entity compliance guide for the Ability-to-Repay and Qualified Mortgage rule

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Today, we published our Small Entity Compliance Guide for the Ability-to-Repay and Qualified Mortgage Rule.

Our goal with this guide is to provide a comprehensive rule summary in a plain language and FAQ format, which makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff.

Over the next several weeks, we will publish guides for each of the new mortgage rules. They will be available on the individual rule pages on our website. (Note that although each guide summarizes a rule, it is not a substitute for the underlying rule.)

As soon as we publish them, we will email everyone who signed up to receive updates on our Regulations page. In fact, this post is adapted from one of these emails. If you want to get this message in your inbox, sign up using the form to the right.

  • Mohammad Heidar Nowrouz

    What about big banks like Bank of America? Are they exempt from accurately crediting mortgage payments? Should BOA be allowed to foreclose on properties based on false information? I have BOA’s written admission that they have made mistakes in crediting my account with my payments. The bank still threatens to foreclose and the the CFPB website does not recognize the fact that I have disputed BOA’s false response. Even the CFPB’s ombudsman does not return my calls. Who is there to help a consumer with legitimate, documented proof against Bank of America?

    • http://www.facebook.com/mo.love.3139 Mo Love

      I am in the same situation and I went through the same process you went through with BofA and with CFPB and I also can’t find help!! Please CFPB, stop letting B of A off the hook. These guys are crooks!!

    • Katie Smithmeyer

      The rule applies to everyone. It’s just the guide that’s for small entities, not the rule.

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