CFPB Clarifies Mortgage Lending Rule

On July 8th, the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the CFPB’s Ability-to-Repay rule. This clarification will help surviving family members who acquire title to a property to take over a mortgage, and to be considered for a loan workout, if necessary, to keep the home. CFPB Press Release.

Longevity Annuities

On July 1st, the Treasury Department issued new rules which will allow 401(k) and IRA accounts to hold as much as $125,000 in deferred annuities. Treasury Department Press Release.