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VA | RIN: 2900-AO65 | Publication ID: Spring 2018 |
Title: Loan Guaranty: Ability-to-Repay Standards and Qualified Mortgage Definition Under the Truth in Lending Act | |
Abstract:
This document adopts as a final rule, with changes, a previous interim final rule that amended the Department of Veterans Affairs (VA) Loan Guaranty regulations that implemented 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 Ability to Repay provisions of the Truth in Lending Act (TILA). This rule clarifies 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 the loan, in accordance with the Ability to Repay provisions. |
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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 |
EO 13771 Designation: Fully or Partially Exempt | |
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 U.S.C. 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 | |
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 |