Under the Consumer Financial Protection Bureau’s regulation, all such fees are included in a points and fees test that says they cannot exceed 3% of the loan amount and still qualify for QM status.
But observers said the CFPB appears likely to ease its interpretation of affiliated fees, allowing transactions that are passed through an affiliate to a third-party provider to be excluded from the test.
“I understand from unofficial sources that the CFPB is working on some clarifications to the ability-to-repay rule,” said Leonard Chanin, a partner at Morrison & Forester and a former top official at the agency.
via National Mortgage News – CFPB Likely to Ease Rules on Fees for QM Loans.