NAR submitted comments to the Fedearl Reserve Board on the Ability-to-Repay proposed rule to implement amendments to the Truth in Lending Act (TILA) made by Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The ability-to-repay requirement applies to most mortgages, including investor
loans, but excluding open-end credit, timeshares, reverse mortgages, and temporary (for example, construction) loans.
Comments: FED on Ability-to-Repay Rule (QM)
Issue Date: July 22, 2011
NAR submitted comments to the Fedearl Reserve Board on the Ability-to-Repay proposed rule to implement amendments to the Truth in Lending Act (TILA) made by Title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The ability-to-repay requirement applies to most mortgages, including investor
loans, but excluding open-end credit, timeshares, reverse mortgages, and temporary (for example, construction) loans.
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