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Foreword: Perspectives On Mortgage Lending Regulation, Julia Patterson Forrester Rogers
Foreword: Perspectives On Mortgage Lending Regulation, Julia Patterson Forrester Rogers
SMU Law Review
In her short foreword to a symposium issue, the author discusses the Dodd-Frank Wall Street Reform and Consumer Protection Act enacted by Congress in 2010. She then introduces the symposium papers by professors Kathleen Engel, Christopher Odinet, and Steven Schwarcz, which examine the new regulatory framework created by Dodd-Frank from different points of view and consider other types of mortgage lending regulation, including regulation at the state and local levels and proposals for macroprudential regulation. Lastly, the author concludes that mortgage lending regulation promises to continue to be an important topic of discussion, because the bursting of a housing bubble …
The Unfinished Business Of Dodd-Frank: Reforming The Mortgage Contract, Christopher K. Odinet
The Unfinished Business Of Dodd-Frank: Reforming The Mortgage Contract, Christopher K. Odinet
SMU Law Review
The standard residential mortgage contract is due for a reappraisal in light of today’s mortgage lending and regulatory environment. The goals of Dodd-Frank and the CFPB have been geared toward creating better stability in the residential mortgage market, in part, by mandating more robust underwriting. This is achieved chiefly through the ability-to-repay rules and the “qualified mortgage” safe harbor, which call for very conservative underwriting criteria to be applied to new mortgage loans. And lenders are whole-heartedly embracing these criteria in their loan originations—in the fourth quarter of 2015 over 98% of all new residential loans were qualified mortgages, thus …