ability-to-repay requirement
GPTKB entity
Statements (26)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
legal requirement
|
| gptkbp:appliesTo |
creditors
mortgage lenders residential mortgage loans |
| gptkbp:considers |
employment status
credit history alimony child support current debt obligations current income or assets monthly payment for mortgage-related obligations monthly payment on any simultaneous loan monthly payment on the covered transaction |
| gptkbp:enforcedBy |
gptkb:Consumer_Financial_Protection_Bureau
|
| gptkbp:establishedBy |
gptkb:Dodd-Frank_Wall_Street_Reform_and_Consumer_Protection_Act
|
| gptkbp:goal |
prevent risky lending practices
protect consumers from unaffordable loans |
| https://www.w3.org/2000/01/rdf-schema#label |
ability-to-repay requirement
|
| gptkbp:penalty |
borrower may raise violation as a defense to foreclosure
|
| gptkbp:relatedTo |
gptkb:Truth_in_Lending_Act
qualified mortgage |
| gptkbp:requires |
lenders to make a reasonable, good faith determination of a consumer’s ability to repay a loan
|
| gptkbp:startDate |
January 10, 2014
|
| gptkbp:bfsParent |
gptkb:CFPB_Payday_Lending_Rule
gptkb:CFPB_Small_Dollar_Lending_Rule |
| gptkbp:bfsLayer |
7
|