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New lending regulations will affect small banks

Oklahoman Published: May 20, 2013
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New lending regulations will affect small banks

The Consumer Financial Protection Bureau has developed new rules that will affect mortgage lending for small banks in the state.

Most of the new rules will go into effect in January 2014.

The Ability-to-Repay rule will require mortgage lenders to go to greater lengths to document and verify a borrower's ability to repay a loan.

Balloon payments will prohibited, with some exceptions.

Coverage of the Homeownership and Equity Protection Act of 1994 will be expanded. The law requires greater disclosures to borrowers for high-interest loans.

by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the University of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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