Links in “Ability to Repay (ATR)/Qualified Mortgage (QM)”
- A Look at CFPB’s Flair for Commanding Headlines in 2013
A look back at the CFPB's busy 2013, including qualified mortgages, ability to repay and a slew of other regulations.[12/27]
- To QM or Not to QM: Is There a Safety & Soundness Consideration?
Agencies release statement on supervisory approach for qualified and non-qualified mortgage loans; agencies' statement indicates that loans will not be subject to criticism based solely on whether they are QM or non-QM. [12/18]
- How CRA Fits with QM/ATR Standards
Agencies issue joint statement addressing how qualified mortgage and ability-to-repay rules fit with such standards as the Community Reinvestment Act. [12/18]
- HUD Delivers Its Own QM and ATR Defs
HUD goes final on Title I, Title II, Sections 184 and 184A products as they relate to definitions under qualified mortgages based on rate, ability to repay, etc. [12/11]
- Industry Associations Join Together to Urge CFPB to Delay ATR/QM
ABA, ICBA and NAFCU send a joint letter to CFPB asking to delay final implementation of ability to repay/qualified mortgage rules scheduled for implementation in January 2014. [11/14]
- Bipartisan Action in House to Delay Implementation of the ATR/QM Rules
While it would not be prudent to put the brakes on your institution's efforts to prepare for the January implementation of the Ability-to-Repay and Qualified Mortgage rules just yet, 118 members of the House have signed a letter urging CFPB to delay implementation of the rules for one year. The House members claim that the 4,000 pages of regulations followed by four amendments to further clarify the requirements make it unrealistic for financial institutions and their software providers to be ready to comply in time. [11/6]
- Lawyer Opines on Cordray’s Assurances about Non-QM Lending
Assurances offered by CFPB's Cordray to mortgage bankers that non-qualified mortgage lending is "perfectly fine" provided they "perform well over time" and, "absent other factors," amount to a "trust us; we're the government" level of cold comfort, according to this bank attorney. [10/30]
- CFPB’s Cordray speaks out on Qualified Mortgages and Ability to Repay Rules
Cordray speaks out on need and merit of new rules and benefit to the marketplace. Notes that more than 95 percent of the mortgage loans being made in the current market will be Qualified Mortgages. [10/29]
- CBA on Regulators’ QM Statement: It’s a Start
Consumer Bankers Association issue statement calling the joint regulatory agencies statement on quality mortgages and fair lending "a welcome start point," but add that "further guidance may be needed." [10/24]
- A Closer Look at Cordray’s Remarks about Not Delaying QM Implementation
CFPB downplays its unwillingness to delay implementation of qualified mortgage rules by suggesting it will take a reasonable approach to enforcement, which offers only limited comfort to bankers. Here's why. [10/23]
