Cal. Code Regs. tit. 21 § 7109.3
Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Financial institutions should review their underwriting rules with respect to payment to income ratios or installment debt to income ratios to reflect the increasing percentage of income that must be devoted to housing expense. Overly restrictive or inflexible payment to income ratios may discriminate against low- and moderate-income persons who often must devote a greater percentage of their income to basic necessities such as housing. Any payment to income ratio should be applied with flexibility to allow for a case-by-case determination.
Cal. Code Regs. Tit. 21, § 7109.3
Note: Authority cited: Section 35814, Health and Safety Code. Reference: Sections 35810- 35815, Health and Safety Code.