Banks including PNC Financial Services Group Inc., SunTrust Banks Inc. and BB&T Corp. are pushing the Consumer Financial Protection Bureau (CFPB)to give them a year to comply with new mortgage underwriting rules that could be released as early as this week, Bloomberg News reported today. The consumer bureau's qualified mortgage regulation, which requires lenders to ensure a borrower's ability to repay, will be released in connection with a hearing in Baltimore scheduled for Jan. 10. The qualified mortgage rule, mandated by Congress as part of the 2010 Dodd-Frank Act, is aimed at tightening lax underwriting that fueled the housing bubble. The regulations aim to protect consumers from mortgages they cannot afford by requiring lenders to take steps such as verifying income and assets. In return, lenders gain some protection from lawsuits.
