The rules were created by the Consumer Finance Protection Bureau and were mandated under the Dodd-Frank Act to ban many of the loose practices during the housing bubble e.g. NINJA loans. To be considered a qualified mortgage, a loan amount cannot exceed a total debt-to-income ratio of ...
The HMDA was enacted by Congress in 1975 to address concerns over discriminatory lending practices and ensure lenders serve the needs of their communities. The law requires lenders to report data on mortgage applications, originations, and loan denials, among other details. This allows regulators ...