CFPB Mortgage Rules: The New Ability-to-Repay and QM Rule: An In-Depth Look at the Issues Webinar
Of the many new rules the CFPB finalized this past January, among the most complext is the ability-to-repay and Qualified Mortgage (QM) rule. This rule alone will have dramatic implications for the mortgage marketplace and will impact the product-level decisions for every consumer mortgage lender in the country.
Click Here for Webinar Description and Audience
Of the many new rules the CFPB finalized this past January, among the most complext is the ability-to-repay and Qualified Mortgage (QM) rule. This rule alone will have dramatic implications for the mortgage marketplace and will impact the product-level decisions for every consumer mortgage lender in the country. How will your institution react? There are many decisions to be made.
In this webinar we’ll discuss the precise requirements of the lender’s duty to evaluate the consumer’s ability to repay, including how to evaluate precisely what factors in the process. As well, we’ll talk about the various types of Qualified Mortgages, or QMs, and what those definitions mean. There are differing legal standards for the different types, and understanding the implications involved is a critical strategic step your institution must take.
We’ll also discuss what could happen if there are problems – it’s not just the examiners you have to worry about here. There are significant legal risks that could halt the foreclosure process in its tracks, which could put a financial strain on your institution if things don’t go smoothly.
We’ll go in-depth on the details of the rule, its application, and the specific requirement to provide you a thorough understanding of what is required, along with the consequences.
- Application of the rules – to what types of loan specifically?
- The many exemptions, including partial exemptions
- Refinancing a “nonstandard mortgage” into a “standard mortgage” – 6 required standards
- What ability-to-repay is NOT
- What are the 8 minimum underwriting factors in detail, and how are they detailed in the new Appendix Q?
- Restrictions on prepayment penalties – what loans and what penalties
- Qualified mortgages – different types and different standards
- “Points and fees”: what’s included and what isn’t
- Balloon loans – can they be QMs?
- Record retention requirements
Who Should Attend:
Anyone involved in consumer mortgage loan (as well as other real estate-secured loan) operations, underwriting, servicing, and compliance will benefit from this session, including compliance officers, underwriters, senior management, bank counsel, and operations, among others.
Click Here for Continuing Education Credits (CEC) Info
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
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INCLUDES SEVEN DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. Participants can type and send their questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate in the same room.
SIX MONTH ONDEMAND VIDEO RECORDING:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
CD-ROM VIDEO RECORDING:
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.