The Ability to Repay/Qualified Mortgage Rule, the Qualified Residential Mortgage (QRM) rule, and the definitions under those rules promulgated by the Consumer Financial Protection Bureau, significantly changed the underwriting criteria for residential mortgages requiring lenders to make a determination of ability to repay. “Qualified Mortgages.” that exclude certain residential mortgage loan features, cap the percentage of income that can go towards debt, eliminate balloon payments were also defined. That QRM definition determines which loans are exempt from the risk retention requirements of the Dodd Frank Wall Street Reform and Consumer Protection Act. The bigger questions are what do you have to do on an ongoing basis to meet these requirements, how does this impact the products and services you offer, and how does this impact you and your lending?
Please join our expert Coppelia Padgett as she presents this webinar that is designed to help financial institution loan officers, compliance personnel, and monitoring personnel within your institution fully understand the requirements of these rules and assess the compliance and fair lending impact. Ms. Padgett will go over the requirements of ATR/QM and talk about the potential pitfalls and unintended consequences that many institutions may face. She will also go through the myriad of credit records required by federal regulations with an emphasis on the new ATR requirements.
WHAT YOU'LL LEARN
Some of the topics this webinar will cover are:
- How the definition of QRM aligns with the qualified mortgage standard and fits into the new ATR/QM world.
- What are the new rules regarding balloon payments, amortization, term and interest?
- The “points and fees” issue in detail for ATR/QM and the high-cost mortgage rule.
- Who is a small creditor under the rule changes?
- What is the definition of “Rural Area”?
- What are the options for a small creditor or specialized lender?
- What is a qualified mortgage, a qualified mortgage with a safe harbor and a rebuttable presumption loan?
- Are there potential Unintended Consequences – Restriction of Credit
- What are risk retention requirements for residential mortgages?
- Assessing your institution’s fair lending risks as a result of the ATR/QM rule.
- AND MUCH MORE!
YOUR CONFERENCE LEADER
Your conference leader for “Ability to Repay/Qualified Mortgage and QRM/Risk Retention: Changes in Fundamental Definitions and Possible Unintended Consequences" is Coppelia Padgett. Ms. Padgett brings 25 years of financial institution experience covering numerous facets of financial institution operations. She began her career as a compliance specialist for the FDIC working primarily out of Los Angeles. She left the FDIC to found the Triac Company in 1992. This consulting firm grew to serve the compliance needs of hundreds of financial institutions in Los Angeles and around the United States. Currently, Ms. Padgett currently works as an independent contractor and subject matter expert for leading regulatory and risk management firms from around the country. She graduated magna cum laude from the University of Tulsa with a degree in economics.