Currently, a handful of states have specific regulations for HEIs and federal oversight is limited as the Consumer Financial Protection Bureau is evaluating the market.
The Structured Finance Association warned the CFPB's servicing proposal would decrease the value of mortgage servicing rights, leading to a substantial negative impact on the secondary mortgage market.
The revamped rules allowed lenders to use a wider variety of standards to meet ATR and qualified-mortgage requirements while also introducing some uncertainty on whether specific loans comply with ATR standards.