In prepared comments on Friday, February 7, Consumer Financial Protection Bureau (CFPB)
But Cordray did not stop there.
He stated that the agency is contemplating requiring lenders to collect more information about underwriting and pricing. For example, the CFPB may ask lenders to gather information on the applicant’s debt-to-income ratio, the interest rate, the total origination charges, and the total discount points of the loan.
In addition, the agency is thinking about requiring lenders to explain why they rejected a loan application and whether the lender considered the loan to be a Qualified Mortgage.
Read Cordray's speech.
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