The CFPB recently issued new Ability-to-Repay (ATR) and Qualified Mortgage (QM) rules for financial institutions that originate closed-end residential mortgage loans.
See the new section in The Gold Book, Ability-to-Repay and Qualified Mortgage Rule in the Truth in Lending (Regulation Z) section for details.
For a guide to help financial institutions determine compliance oblications for mortgage loans, click here.