Originations in a QM World MP3 and Manual
An Inside Mortgage Finance Webinar
Recorded January 31, 2013
The Consumer Financial Protection Bureau has just unveiled its anxiously anticipated “qualified mortgage” rule that will implement a so-called “ability-to-repay” standard for all mortgage lenders. It is perhaps the most far-reaching mortgage regulation mandated by the Dodd-Frank legislation and its impact is likely to be felt for years to come.
Be among the first to get an inside look at the CFPB’s new QM rule, listen to this webinar recording.Inside Mortgage Finance has gathered a panel of mortgage regulation experts to dissect the rule and help you plan your compliance and future product mix.
As expected, the “ability-to-repay” final rule from the CFPB dictates strict underwriting standards for mortgage loans and limits loan features and fees. It also establishes a hybrid legal protection for lenders who make “qualified mortgages,” loans presumed to meet the ability-to-repay requirements. Higher-priced, or nonprime, loans are protected only by a rebuttable presumption, exposing the lender if the consumer can prove they didn’t meet the underwriting requirements at the time of origination. Prime loans will have the greater protection of a safe harbor, challengeable only as to whether the loan met the definition of qualified mortgage.
Not everything was settled with the rule though. The final rule allows a temporary exemption for loans sold to Fannie Mae or Freddie Mac or insured by a government agency. And a concurrent proposed rule could extend a small-lender exemption to community banks that portfolio their originations.
Don’t miss out on this opportunity to have the new QM rule analyzed by some of the top mortgage regulation experts in the country. Order the CD or download the MP3 recording.
Donald C. Lampe
Jeffrey P. Naimon
Guy D. Cecala
Inside Mortgage Finance
Listen to this important 90-minute webinar and get answers to:
- Can lenders automatically receive QM protection by making only government mortgages?
- What are the risks of making non-QM mortgages in the jumbo market?
- What legal challenges aren’t covered by the safe harbor or rebuttable presumption?
- What room does the rule leave for innovative products?
- When do the loans you sell to Fannie and Freddie no longer get QM protection?
- How do you calculate loan origination compensation?
- What types of loans can you make in the year before the rule becomes effective?
- How do you prepare your systems and your people for implementation of the rule?
- Who is eligible for exemption as a small lender?