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VA | RIN: 2900-AO65 | Publication ID: Fall 2016 |
Title: Loan Guaranty: Ability-to-Repay Standards and Qualified Mortgage Definition Under the Truth in Lending Act | |
Abstract:
The interim final rule amended the Department of Veterans Affairs (VA) Loan Guaranty regulations to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, requiring that VA define the types of VA loans that are "qualified mortgages" for the purposes of the new Ability to Repay provisions of the Truth in Lending Act. This rule establishes which VA-guaranteed loans are to be considered "qualified mortgages" and have either safe harbor protection or the presumption that the borrower is able to repay a loan, in accordance with the new Ability to Repay provisions. The rule did not change VA’s regulations or policies with respect to how lenders are to originate mortgages, except to the extent lenders want to make qualified mortgages. VA will respond to public comments in the final rule. |
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Agency: Department of Veterans Affairs(VA) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 38 CFR 36.4300 38 CFR 36.4340 38 CFR 36.4500 38 CFR 36.4501 | |
Legal Authority: 38 U.S.C. 501 15 U.S.C. 1639C(a)(5) 15 USC 1639C(b)(3)(B)(ii) 38 U.S.C. 3710 38 U.S.C. 3720 38 U.S.C. 3733 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
Public Comment URL: www.regulations.gov | |
RIN Data Printed in the FR: No | |
Agency Contact: John Bell III Assistant Director for Loan Policy and Valuation (262) Department of Veterans Affairs 810 Vermont Avenue NW., Washington, DC 20420 Phone:202 632-8786 Email: john.bell2@va.gov |