CFPB Proposes Extending Mandatory Compliance Date for QM Loans

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Demand Propels Home Prices Upward 2 days ago March 3, 2021 10,695 Views The Consumer Financial Protection Bureau (CFPB) is among the government agencies aiming to help those struggling during this unprecedented pandemic-prompted recession. A move by the CFPB Wednesday will help maintain affordability in mortgages and keep people in their homes, officials say.The CFPB moves to delay the mandatory compliance date of the general qualified mortgage initially slated for July 1 to October 1.The office says the extension would ensure homeowners struggling with the financial impacts of the COVID-19 pandemic have the options they need.“At a time when so many consumers are struggling and at risk of losing ground, particularly Black and Hispanic consumers, we need to do all we can to help people stay in their homes and to ensure the availability of responsible, affordable mortgages,” said Bureau Acting Director David Uejio. “In proposing to extend the date by which lenders must comply with the CFPB’s new General QM definition, we are working to provide needed options for both homeowners and lenders during a time of uncertainty and hardship.”The general QM final rule is part of the CFPB’s work to protect homeowners from debt traps and unaffordable, irresponsible mortgage loans, according to the bureau.”Under the statute, QM loans are presumed to be made based on the lender’s reasonable determination of the homeowner’s ability to repay the loan,” according to the CFPB. “Extending the mandatory compliance date of the general QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income ratio, and not solely based on a pricing cut-off. Extending the compliance date of the General QM final rule would also give lenders more time to use the GSE Patch, which provides QM status to loans that are eligible for sale to Fannie Mae or Freddie Mac.”In its press release, the CFPB refers to its first analysis earlier this week of the impacts of the COVID-19 pandemic on housing.Bureau administrators say actions taken by both the public and private sector have, so far, prevented a devastating number of foreclosures during the height of the public health crisis. However, according to CFBP, as legal protections expire in the months ahead, more than 11 million families or almost 10% of U.S. households are at risk of eviction and foreclosure.The CFPB said it believes that an extension of the mandatory compliance date may help ensure stability and access to affordable, responsible credit in the mortgage market.If this NPRM is finalized as proposed, the old, DTI-based General QM definition; the new, price-based General QM definition; and the GSE Patch (unless the GSEs exit conservatorship prior to October 1, 2022) would all remain available as long as the lender received the consumer’s application prior to October 1, 2022,” reported the CFPB.Comments on the NPRM are due on or before April 5. CFPB Proposes Extending Mandatory Compliance Date for QM Loans Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago 2021-03-03 Christina Hughes Babb Home / Daily Dose / CFPB Proposes Extending Mandatory Compliance Date for QM Loans Previous: Manufactured Housing: The Low Inventory Solution? Next: Is it Time to Reevaluate Your Approach to Customer Service? Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save About Author: Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Subscribelast_img read more

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Qatar Petroleum signs farm-in deals for three blocks in Campeche basin

first_imgAccording to Qatar Petroleum, the water depths of the Mexican exploration blocks in the Campeche basin range from approximately 10m to 1,100m Qatar Petroleum signs farm-in deals with Total for three exploration blocks offshore Mexico. (Credit: Kristina Kasputienė from Pixabay) Qatar Petroleum has signed three farm-in agreements with Total to acquire nearly 30% of the participating interest of the French oil and gas major in exploration blocks 15, 33, and 34 in the Campeche basin in Mexican waters.The three offshore exploration blocks are situated within 30-90 kilometers of the giant Cantarell and KMZ oil fields. Put together, the blocks are spread over an area of about 2,300km2.The water depths of the Mexican exploration blocks in the Campeche basin range from approximately 10m to 1,100m.Qatar Petroleum CEO and Qatar Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “We are pleased to sign these agreements, which further expand Qatar Petroleum’s footprint in Mexico, and demonstrate our commitment to achieving our international growth strategy, with Latin America as a core area in our international portfolio.“We look forward to collaborating further with Total, our other partners in these blocks, and the government of Mexico. I would like to take this opportunity to thank the Mexican authorities and our partners for their continued support.”According to the Qatari national oil company, all the three farm-in agreements pertaining to the Campeche basin blocks are subject to receipt of customary regulatory and other approvals from the existing partners of Total and the Mexican government.Presence of Qatar Petroleum in Mexican watersIn late 2018, Qatar Petroleum signed a deal with Eni to acquire a stake of 35% from the Italian oil and gas company in three offshore oil fields in the Area 1 project in Mexico. The deal gave the company access to the Amoca, Mizton, and Tecoalli offshore oil fields that make up the Area 1 project contained in the shallow waters of the Campeche Bay.Prior to the deal related to the Area 1 project, the Qatari energy company won exploration rights in five offshore Mexican blocks in the Perdido and Campeche basins as part of consortiums featuring Shell and Eni, respectively.last_img read more

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