The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) became law on July 21, 2010. The Dodd-Frank Act: restructured the oversight of financial regulation and included amendments to the Truth in Lending Act (TILA); established the “ability to repay” anti-predatory lending provisions, which resulted in the Qualified Mortgage (QM) rule; originated the Qualified Residential Mortgage (QRM) rule proposal, the final version of which relies on sound and responsible underwriting rather than on an onerous down payment requirement to qualify as a QRM loan.
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