Documentation Is Critical for QM Compliance, Legal Pro Advises
December 16, 2013
A mortgage lenders documentation of compliance with the CFPBs ability-to-repay qualified mortgage rule is just about as essential as compliance itself, a top industry attorney advised participants in a webinar sponsored by Inside Mortgage Finance Publications last week. And Joseph Reilly, a partner with the BuckleySandler law firm, reached into Zen lore to make his point. If a tree falls in the forest and no one hears it, does it make a sound? he asked. Similarly, Starting in 2014: If a lender complies with ATR/QM but...