Expanding Qualified Mortgages

Winter 2016

by Daniel J. Beck |

“On December 4, 2015, the Fixing America’s Surface Transportation Act or “FAST Act” was signed into law.  The FAST Act provides relief to community banks by allowing small banks to petition the Consumer Financial Protection Bureau (“CFPB”) to expand areas that are considered “rural” by the CFPB.  The FAST Act may also ease the threshold of mortgage loans that must be originated in rural areas by small banks to qualify for exceptions to qualified mortgages under the Truth in Lending Act (“TILA”) depending on how the CFPB interprets the change to TILA.”

For more information, please contact Daniel J. Beck at 501-379-1762 or dbeck@QGTlaw.com.

Note:  The above is an excerpt from the article published in the Winter 2016 issue of The Arkansas Community Banker.  Click the link below to read the actual article.