Qualified Mortgages-Update. Wilkes B. Hardin, MBA, CFE VP, Lending Compliance WSECU
|
|
- Lionel Green
- 5 years ago
- Views:
Transcription
1 Qualified Mortgages-Update Wilkes B. Hardin, MBA, CFE VP, Lending Compliance WSECU
2 Agenda Items ATR/QM rule review Impact Discussion Secondary Developments Supervisory Environment Wrap-up/Questions
3 Why?
4 Reg Z ATR/QM rule In January, 2013 The CFPB issued a final Ability-to-Repay rule. ( Minimum Standards for Transactions Secured by a Dwelling) The rule implements provisions of the Dodd-Frank Act. The rule specifies standards all lenders must use when considering a borrower s ability to repay the loan. The rule also establishes requirements for a Qualified mortgage under Regulation Z, the Truth in Lending Act. Lenders were given 12 months to implement the rule.
5 ATR/QM Background Prior to the mortgage crisis, a lot of mortgage loans were made without regard to the borrower s ability to repay the loans. In 2008, rules were issued requiring lenders to evaluate a borrower s ability to repay the loan for higher-priced mortgage loans. In the 2010 Dodd-Frank Act, similar Ability-to-Repay requirements were adopted for virtually all closed-end residential mortgage loans
6 Reg Z ATR/QM rule Scope Consumer Credit Transactions Secured by a dwelling, including any real property attached to a dwelling. Dwelling-as defined by Reg Z A residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence. HELOCs, Timeshare mortgages, and Reverse mortgages are specifically excluded
7 Ability to Repay Provisions Creditors must consider 8 underwriting factors and generally use reasonably reliable third-party records to verify the information they use to evaluate the factors considered. The rule also all but eliminates the pre-payment penalty. It is still allowed, but there are severe restrictions.
8 Ability to Repay Provisions 8 Required Factors of Consideration: Current or reasonably expected income or assets; Current employment status; The monthly payment on the covered transaction The monthly payment on any simultaneous loan; The monthly payment for mortgage related obligations; Current debt obligations, alimony, and child support; The monthly debt-to-income ratio or residual income; and Credit history
9 Ability to Repay Provisions Verification of information considered is required using reasonably reliable third-party records, such as: W-2s Paycheck stubs Financial institution account statements Tax returns Employer records
10 Ability to Repay Provisions Verification can consist of: Verbal VOEs Credit reports to verify stated debts Verbal VODs Verbal VOMs Tax return transcripts, etc
11 Ability to Repay Provisions Exemption: Refinancing a borrower from a Non-Standard mortgage into a Standard mortgage. Conditions Apply: Must be same lender as non-standard mortgage being refinanced Application must be within 2 months of payment re-cast New payment must be at least 10% lower No more than one 30 day late payment in preceding 12 months, none in preceding 6 months No cash out. Loan proceeds only used for satisfying nonstandard mortgage being refinanced, plus associated costs.
12 Qualified Mortgages What is a Qualified Mortgage? It is a designation given to certain mortgage loans that meet standards relating to Debt-to-Income ratios, points and fees, riskier loan features, and consideration of repayment ability over a longer period of time Qualified Mortgages are seen as less risky, more conservatively underwritten, and presenting a lesser degree of legal risk to the originator and default risk to the creditor/investor.
13 Qualified Mortgages Important Detail: All creditors must follow Ability-to-Repay requirements Creditors aren t required to originate Qualified Mortgages.
14 Qualified Mortgage Legal Protection Types Safe Harbor Qualified Mortgage Rebuttable Presumption Qualified Mortgage
15 Qualified Mortgages Types For all Creditors: General Qualified Mortgage Temporary Qualified Mortgage For Small Creditors: Small Creditor Qualified Mortgage Balloon Payment Qualified Mortgage
16 General Qualified Mortgage Requirements for Qualified Mortgages: No risky loan features such as negative amortization, interest-only payments, balloon payments, or terms exceeding thirty years No no-doc loans where income or assets aren t verified Points and Fees to consummate the transaction don t exceed 3% of the loan amount, generally Monthly payments calculated based on the highest payment that can apply in the first five years The consumer s Debt-to-Income ratio doesn t exceed 43%
17 Temporary Qualified Mortgage Requirements for Temporary Qualified Mortgages: Loans that are eligible for sale, guaranty, or insurance by any of the GSEs while under Federal conservatorship. Max. 7 year exemption (January, 2021) Loan terms cannot exceed 30 years Points and Fees to consummate the transaction don t exceed 3% of the loan amount, generally Payments are substantially equal
18 Small Creditor Qualified Mortgage Requirements for Small Creditor Qualified Mortgages: No risky loan features such as negative amortization, interest-only payments, balloon payments, or terms exceeding thirty years Points and Fees to consummate the transaction don t exceed 3% of the loan amount, generally Monthly payments calculated based on the highest payment that can apply in the first five years Loan cannot be committed to the secondary market Creditor must consider income or assets, debts, alimony, and child support The consumer s Debt-to-Income must be evaluated, no firm limit.
19 Balloon Payment Qualified Mortgage Requirements for Qualified Mortgages: No risky loan features such as negative amortization, interest-only payments, balloon payments, or terms exceeding thirty years Fixed rate that contemplates full amortization over thirty years Points and Fees to consummate the transaction don t exceed 3% of the loan amount, generally Loan cannot be committed to the secondary market Borrower must be able to afford the periodic payment Creditor must consider income or assets, debts, alimony, and child support The consumer s Debt-to-Income must be evaluated, no firm limit.
20 Practical Impact All creditors must follow Ability-to-Repay rules (With Limited Exceptions) Evaluate existing policies, procedures, and underwriting guidelines against new standards Make adjustments accordingly to meet minimum standards. Make sure controls are in place to ensure compliance
21 Practical Impact-QM decisions What is your default and legal risk appetite? What do your members need? What do your investors require? Portfolio concentration concerns? Based on membership diversification, will writing only QMs create a fair lending concern?
22 Secondary Market/GSE Developments Department of Veterans Affairs HUD/FHA Fannie Mae Freddie Mac
23 Supervisory/Regulatory Update NCUA Supervisory Letter SL No Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards rule Proposed amendments to Ability-to- Repay/QM rule
24
25 Questions? Thank you all very much!
TIPS BULLETIN #13-17
TIPS BULLETIN #13-17 To: Subject: All Credit Unions Ability to Repay & Qualified Mortgage Standards under the Truth in Lending Act (Regulation Z) The material in this publication is provided for educational
More informationAbility-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14
Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14 1) Dodd Frank requires that lenders make a reasonable, good-faith determination that the loan applicant has a reasonable ability
More informationFully Amortizing Payment A periodic payment of principal and interest that will fully repay the loan amount over the loan term.
Section 12.7: : Regulation Z Ability to Repay and Qualified Mortgages Summary On January 10, 2013, Regulation Z was amended to require creditors to make a reasonable, good faith determination of a consumer
More informationSection Ability to Repay (ATR) (c)(1) and Qualified Mortgage (QM) (e), (f)
Section 1026.43 Ability to Repay (ATR) 1026.43(c)(1) and Qualified Mortgage (QM) 1026.43(e), (f) This section applies to any consumer credit transaction that is secured by a dwelling, as defined in 1026.2(a)(19),
More informationTHIS IS NOT LEGAL ADVICE
I. Ability to Repay (ATR) Qualified Mortgage (QM) Overview In 2008 the Board of Governors of the Federal Reserve System adopted a rule under the Truth in Lending Act prohibiting creditors from making higher-priced
More informationUnderstanding CFPB Rules CONSUMER FINANCIAL PROTECTION BUREAU
Understanding CFPB Rules CONSUMER FINANCIAL PROTECTION BUREAU The Consumer Financial Protection Bureau The CFPB is a new federal agency Created by Dodd Frank Wall Street and Consumer Protection Act Dodd
More information11 th Annual Eastern Secondary Market Conference. February 5-7, 2014 The Hyatt Regency Orlando
11 th Annual Eastern Secondary Market Conference February 5-7, 2014 The Hyatt Regency Orlando Scott D. Samlin Partner Scott Samlin is a New York partner in the firm s Financial Services & Products Group.
More informationCFPB s Final Mortgage Regulations: Ability-to-Repay and Qualified Mortgage Rules March 6, E. Andrew Keeney, Esq. Kaufman & Canoles, P.C.
CFPB s Final Mortgage Regulations: Ability-to-Repay and Qualified Mortgage Rules March 6, 2013 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. Ability-to-Repay and Qualified Mortgage Rules E. Andrew Keeney,
More informationRe: CFPB Request for Information regarding the Ability-to-Repay/Qualified Mortgage Rule Assessment
July 31, 2017 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1275 First Street, NE Washington, DC 20002 Re: CFPB-2017-0014 Request for Information regarding the Ability-to-Repay/Qualified
More informationNew Lending Opportunities in the Changed Mortgage Market: Dodd-Frank Act Mortgage Regulations
New Lending Opportunities in the Changed Mortgage Market: Dodd-Frank Act Mortgage Regulations Kenneth Benton Senior Consumer Regulations Specialist May 14, 2014 FEDERAL RESERVE BANK OF PHILADELPHIA Disclaimer:
More information2013: The Year Ahead for Mortgage Lending. Presenters: Suzanne Garwood, Esq., Venable LLP Ken Markison, Esq., Mortgage Bankers Association
2013: The Year Ahead for Mortgage Lending Presenters: Suzanne Garwood, Esq., Venable LLP Ken Markison, Esq., Mortgage Bankers Association Outline Never a Dull Moment ATR/QM Final Rule HOEPA Final Rule
More informationAbility to Repay and Qualified Mortgage Rules
Ability to Repay and Qualified Mortgage Rules John Zasada CLAconnect.com Housekeeping If you are experiencing technical difficulties, please dial: 800-263-6317. No Q&A session will be held at the end of
More informationMortgage Bankers and Brokers Association of New Hampshire
Mortgage Bankers and Brokers Association of New Hampshire March 24, 2014 Ken Markison, MBA Regulatory Counsel Presented by David H. Stevens President, Mortgage Bankers Association Introduction Seven weeks
More informationAbility to Repay / Qualified Mortgages Frequently Asked Questions January 15, 2014
Q: Which transactions are covered and excluded? Covered transactions - First liens - Fixed Seconds - Refinances Excluded transactions Home Equity Line of Credit loans (HELOCs) Interest-only (QM) Transactions
More informationOperational Impacts of the Economic Growth, Regulatory Relief, & Consumer Protection Act (S.2155)
Operational Impacts of the Economic Growth, Regulatory Relief, & Consumer Protection Act (S.2155) NAFCU s Regulatory Compliance Seminar Presented by Brandy Bruyere, VP of Regulatory Compliance, NAFCU 1
More informationQualified Mortgages and Qualified Residential Mortgages under the Dodd-Frank Act
Qualified Mortgages and Qualified Residential Mortgages under the Dodd-Frank Act Kenneth Benton Senior Consumer Regulations Specialist Greg Bell Banking Supervisor Consumer Compliance Risk Team FEDERAL
More informationABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE
ABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE January 1, 2018 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage
More informationABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE
ABILITY TO REPAY AND QUALIFIED MORTGAGE UNDERWRITING REFERENCE January 1, 2017 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage
More informationNew Lending Rules. Copyright 2014 The CE Shop. All rights reserved. 1
New Lending Rules In this session we re going to be talking about some new lending guidelines and some new forms that will impact your clients, said Mike. We ll see how that fits in with the title of the
More informationThe Quality Control Process and Its Impact on Compliance Goals
The Quality Control Process and Its Impact on Compliance Goals June 4, 2014 Housekeeping If you are experiencing technical difficulties, please dial: 800-422-3623. Q&A session will be held at the end of
More informationChapter 9 Underwriting
Chapter 9 Underwriting [123.bmp] Introduction The loan processor collects all the paperwork and presents the complete loan package to the underwriter. The underwriter analyzes the information in the loan
More informationAbility-to-Repay Rule
This summary is provided by the Minnesota Credit Union Network for informational purposes only, and is intended to provide credit unions with the general regulatory requirements and effective dates for
More informationNon-QM. Qualified Mortgages General QMs. GSE QMs. Agency QMs. Points & Fees 5%
Subprime 2006 No down payment required (80/20) or 100% LTV Average 580 credit score Income stated No reserves Negative Amortization and balloon payments No appraisal requirements Prepayment penalties Exceptions
More informationMORTGAGE REFORM UNDER THE DODD FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
MORTGAGE REFORM UNDER THE DODD FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT KENNETH BENTON SENIOR CONSUMER REGULATIONS SPECIALIST FEDERAL RESERVE BANK OF PHILADELPHIA MAY 10, 2012 Disclaimer: the
More informationRecent CFPB Mortgage Rules to Absorb and Implement
Legal Alert FINANCIAL INSTITUTIONS January 2013 Recent CFPB Mortgage Rules to Absorb and Implement January 2013 was a very busy month for the Consumer Financial Protection Bureau in promulgating rules
More informationCFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE
CFPB FINAL RULES SUN WEST IMPLEMENTATION GUIDE January 1, 2018 In case of any queries regarding the information available in this guide, please reach us at qmteam@swmc.com. Sun West Mortgage Company, Inc.
More informationPLAYING BY THE NEW RULES: A GUIDE TO ATR/QM AND LOAN ORIGINATOR COMPENSATION
PLAYING BY THE NEW RULES: A GUIDE TO ATR/QM AND LOAN ORIGINATOR COMPENSATION Module 1 Learning Objectives In Module 1, course participants will review the following topics related to the statutory and
More informationTestimony of. Kenneth E. Bentsen Jr., Executive Vice President, Public Policy and Advocacy. Securities Industry and Financial Markets Association
Testimony of Kenneth E. Bentsen Jr., Executive Vice President, Public Policy and Advocacy Securities Industry and Financial Markets Association Before the U.S. House Subcommittee on Financial Institutions
More informationCompliance Update - ACUIA. Presented by:
Compliance Update - ACUIA Presented by: Mike Carter Director of Compliance September 30 th, 2014 Topics Discussion of the CFPB Mortgage Rules TILA/RESPA Rule Flood Insurance CUSO Rule Regulation CC Proposal
More informationFacing Today s Real Estate Regulations
Proudly Sponsored by Facing Today s Real Estate Regulations Presented by Don Braspenninckx Day, June 11, 2016 1:30 p.m. 1 Introduction Numerous regulatory changes in the real estate industry within last
More informationNotice Regarding Updated Regulations and Summary of Recent CFPB Mortgage Rules
April 23, 2012 Notice Regarding Updated Regulations and Summary of Recent CFPB Mortgage Rules The Consumer Financial Protection Bureau ( CFPB or Bureau ) recently issued final rules related to mortgage
More informationAdvertising, Consumer protection, Mortgages, Reporting and recordkeeping
Advertising, Consumer protection, Mortgages, Reporting and recordkeeping requirements, Truth in Lending. Authority and Issuance For the reasons set forth in the preamble, the Bureau amends Regulation Z,
More informationThe New World of Mortgage Regulation A Look Back - A Look Around and a Look Forward. Barry D. Johnson Shareholder SettlePou
The New World of Mortgage Regulation A Look Back - A Look Around and a Look Forward By Barry D. Johnson Shareholder SettlePou 3333 Lee Parkway, 8 th Floor Dallas, Texas 75219 (214) 520-3300 bjohnson@settlepou.com
More informationMortgage Reform Under the Dodd-Frank Act
Mortgage Reform Under the Dodd-Frank Act Kenneth Benton Senior Consumer Regulations Specialist September 20, 2013 FEDERAL RESERVE BANK OF PHILADELPHIA DISCLAIMER: The views expressed are the presenters
More informationPPDocs System Training CFPB changes effective January 2014
PPDocs System Training CFPB changes effective January 2014 Please direct all questions to: CFPB@ppdocs.com What you should be doing today: What type of QM are you going to be doing? *Are you going to be
More informationSummary of CBA s Comments
June 3, 2013 Monica Jackson Office of the Executive Secretary Consumer Financial Protection Bureau 1700 G Street, NW Washington, DC 20552 Re: Docket No. CFPB-2013-0010 Proposed Amendments to the 2013 Mortgage
More information(TC) TRADITIONAL PROGRAM MATRIX CONFORMING & HIGH BALANCE
AGENCY CONFORMING DU Multiple Financed Properties CONFORMING DU Multiple Financed Properties FINANCE TYPE PURCHASE & RATE/TERM REFINANCE DELAYED FINANCING CASH OUT REFINANCE OCCUPANCY SECOND HOME INVESTMENT
More informationSample Mortgage Banker
Sample Mortgage Banker What s included in Five Steps to Your New Home.............................. iii A review of the five worksheets provided for you to estimate your mortgage and home purchase eligibility
More informationDodd-Frank Rules Frequently Asked Questions Wholesale
Dodd-Frank Rules Frequently Asked Questions Wholesale Question 1. What is the effective date of the new requirements on the 3% 2. If the QM points and fees limit is 3%, then why is FCM capping broker compensation
More informationWebinar Wednesday, March 26, :00 3:15 pm ET For Audio Dial (800)
Webinar Wednesday, March 26, 2014 2:00 3:15 pm ET For Audio Dial (800) 734-4208 Webinar Wednesday, March 26, 2014 2:00 3:15 pm ET For Audio Dial (800) 734-4208 Moderator Nathan Marinchick Editor, Dodd
More informationConsumer Financial Protection & Owner Financing
Consumer Financial Protection & Owner Financing The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank ) introduced a host of new regulations designed to protect consumers and avoid
More informationMortgage Financing. Mindy Stern, Esq. Schwartz Sladkus Reich Greenberg Atlas LLP New York, New York
Mortgage Financing by Mindy Stern, Esq. Schwartz Sladkus Reich Greenberg Atlas LLP New York, New York 61 62 4. Mortgage Financing By Mindy Stern, New York, NY A. Sources of Financing Institutional Lenders
More informationDodd-Frank Implementation Checklist
Dodd-Frank Implementation Checklist Project Initiation Determine the nature and scope of the project 1. Determine who will be responsible for implementing Dodd-Frank Act compliance requirements, and how
More informationTESTIMONY OF MR. JERRY REED CHIEF LENDING OFFICER ALASKA USA FEDERAL CREDIT UNION ON BEHALF OF THE CREDIT UNION NATIONAL ASSOCIATION
TESTIMONY OF MR. JERRY REED CHIEF LENDING OFFICER ALASKA USA FEDERAL CREDIT UNION ON BEHALF OF THE CREDIT UNION NATIONAL ASSOCIATION BEFORE THE SUBCOMMITTEE ON FINANCIAL INSTITUTIONS AND CONSUMER CREDIT
More informationNon Conforming JUMBO Programs
Non Conforming JUMBO Programs Select QM Eligibility Matrix Fixed Rate and Hybrid ARM Products Primary Residence Purchase, Rate and Term Transaction Type Units FICO LTV/CLTV/HCLTV Loan Amount 1 760 85%
More informationMortgage Bankers Association Regulatory Update
Mortgage Bankers Association Regulatory Update Ross G. Bennett, CMB Hamilton Group Funding NMLS #229369 @WholesaleMtgBkr Our commitment in giving the best possible service is the key to our success. Disclaimer
More informationOverview of Mortgage Lending
Chapter 1 Overview of Mortgage 1 Chapter Objectives Contrast the primary mortgage market and secondary mortgage market. Identify entities involved in the primary mortgage market and the secondary market.
More informationVA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM
VA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM PROGRAM SPECIFICATIONS Description A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their
More informationAbility To Repay (ATR) Creditors must determine that borrowers have a reasonable ability to repay a loan based on consideration and verification of
Ability To Repay (ATR) Creditors must determine that borrowers have a reasonable ability to repay a loan based on consideration and verification of factors indicative of a consumer s credit capacity, including:
More informationConsumer Regulatory Changes
Consumer Regulatory Changes Federal Reserve Board Division of Consumer and Community Affairs August 19, 2010 Visit us at www.consumercomplianceoutlook.org The The opinions expressed in in this this presentation
More informationREQUEST FOR GUIDANCE ON THE CONSUMER FINANCIAL PROTECTION BUREAU S MORTGAGE ORIGINATION REGULATIONS. Updated September 26, 2013
REQUEST FOR GUIDANCE ON THE CONSUMER FINANCIAL PROTECTION BUREAU S MORTGAGE ORIGINATION REGULATIONS Updated September 26, 2013 TABLE OF CONTENTS HIGHEST PRIORITY Ability to Repay Regulation... 5 1. Self-employed
More informationSmall Creditor Revisions ATR & QM Requirements
BANKERS COMPLIANCE CONSULTING Small Creditor Revisions ATR & QM Requirements 1 I. Purpose Page 1 2 II. Definitions Page 1 3 III. ATR, QM & HPML Page 2 4 Page 2 1. TILA Small Creditor Designations 5 i.
More informationVA IRRRL PROGRAM MATRIX
MAXIMUM LTV **Mortgage Only Report IRRRL PROGRAM 1-4 Unit Properties, Condos, and PUD s (Primary Residence) NO FICO PROGRAM MINIMUM FICO MAX LTV 580 100% 620 125% **No FICO 660 UNLIMITED High Balance 100%
More informationHow to Start Planning for the CFPB Mortgage Rules. May 2, 2013
How to Start Planning for the CFPB Mortgage Rules May 2, Jon Bundy Regulatory Compliance Manager CUNA Mutual Group 608-665-7101 Jonathan.bundy@cunamutual.com Agenda Short Review of Each Rule We will avoid
More informationAny person, who for direct or indirect compensation, assists a consumer in obtaining or applying to obtain a residential mortgage loan; or
Mortgage Reform and Anti-Predatory Lending Act Although it has received far less attention than other titles of the Dodd-Frank Act (the Act or Dodd-Frank ), such as those addressing derivatives, too big
More informationCFPB Consumer Laws and Regulations
Homeowners Protection Act (PMI Cancellation Act) 1 The Homeowners Protection Act of 1998 ( or PMI Cancellation Act, or Act) was signed into law on July 29, 1998, became effective on July 29, 1999, and
More informationThe Effect of New Mortgage-Underwriting Rule on Community (Smaller) Banks Mortgage Activity
The Effect of New Mortgage-Underwriting Rule on Community (Smaller) Banks Mortgage Activity David Vera California State University Fresno The Consumer Financial Protection Bureau (CFPB), government agency
More informationVA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM
VA FULLY AMORTIZING FIXED, HIGH BALANCE & JUMBO PROGRAM PROGRAM SPECIFICATIONS Description A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their
More informationCompliance Essentials/CMCP: Overview of Consumer Protection Compliance The Dodd Frank Rules Sunday, September 17, 2017
Compliance Essentials/CMCP: Overview of Consumer Protection Compliance The Dodd Frank Rules Sunday, September 17, 2017 Panelists: Kris D. Kully, Partner, Mayer Brown LLP R. Colgate Selden, Partner, Alston
More informationGold Jumbo 90 QM Program Eligibility Guide
Version 1.8 Effective 06.27.2018 Eligibility Matrix Table of Contents Eligibility Matrix... 3 Primary Residence Purchase, Rate and Term Refinance... 3 Underwriting Guidelines... 4 Eligible Products...
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationRequest for Information Regarding Ability-to-Repay/Qualified Mortgage Rule Assessment
BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB-2017-0014] Request for Information Regarding Ability-to-Repay/Qualified Mortgage Rule Assessment AGENCY: Bureau of Consumer
More informationCUNA Short Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173; Public Law Number ) August 2, 2010
CUNA Short Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173; Public Law Number 111-203) August 2, 2010 Here is a short summary highlighting the provisions of the Dodd-Frank
More informationGold Jumbo 90 (QM) Program Guidelines
Gold Jumbo 90 (QM) Program Guidelines Version 2.0 Effective 1.2.19 Eligibility Matrix Table of Contents Eligibility Matrix...2 Primary Residence Purchase, Rate and Term Refinance... 2 Underwriting Guidelines...3
More informationPortfolio Libor Arms Guidelines
Portfolio Libor Arms Guidelines Effective Date: 02/21/2017 Loans meeting the parameters outlined in this guideline matrix must be consistent with the Dodd Frank Wall Street Reform and Consumer Protection
More information"Ultra Standard" (Full Doc) & "Ultra 24" (Alt Doc) Eligibility Chart
Effective Date: 09/19/2017 Loans meeting the parameters outlined in this guideline matrix must be consistent with the Dodd Frank Wall Street Reform and Consumer Protection Act Ability to Repay (ATR). Documentation
More informationUHM Overlays for GNMA Delivery
Ability to Repay/Qualified Mortgages (ATR/QM) QM SAFE HARBOR REQUIREMENTS: Government Approve/Eligible loans can exceed 43% provided the loans fits all cost tolerances and ATR guidelines Government Manually
More informationFinal Rule Summary. Prepared by the NASCUS State Regulatory Affairs Department October 23, 2013
Final Rule Summary Prepared by the NASCUS State Regulatory Affairs Department October 23, 2013 Interagency Rulemaking 12 CFR Part 1026; 12 CFR 722 Appraisals for Higher-Priced Mortgage Loans (Regulation
More informationTesting for Qualified Mortgage Status
Testing for Qualified Mortgage Status March 11, 2014 Housekeeping If you are experiencing technical difficulties, please dial: 800-422-3623. Q&A session will be held at the end of the presentation. Your
More informationConventional Financing
Financing Residential Real Estate Lesson 10: Conventional Financing Introduction In this lesson we will cover: conforming and nonconforming loans, characteristics of conventional loans, qualifying standards
More informationSee 12 U.S. Codes 1021(b)(3), 1022, available at 111publ203/pdf/PLAW-111publ203.pdf. 4
July 31, 2017 Ms. Monica Jackson Office of the Executive Secretary Bureau of Consumer Financial Protection 1700 G Street, NW Washington, DC 20552 Via electronic submission Re: Response of the Consumer
More informationFBC Wholesale Correspondent FJ1 Jumbo QM Program Eligibility Guide
FBC Wholesale Correspondent QM Program Eligibility Guide Version 1.8 Effective 01.02.2018 Table of Contents Table of Contents QM Eligibility Matrix... 4 Primary Residence Purchase, Rate and Term Refinance...
More informationResidential Mortgage Securitization: Recent Policy Developments
Residential Mortgage Securitization: Recent Policy Developments W. Scott Frame* Professor of Finance, University of North Carolina at Charlotte Chicago, IL April 10, 2013 * Frame is a Visiting Scholar
More informationGold Jumbo Program Eligibility Guide
Version 2.0 Effective 06.27.2018 Table of Contents Table of Contents Eligibility Matrix... 4 Primary Residence Purchase, Rate and Term Refinance... 4 Primary Residence Cash-Out Refinance... 4 Second Home
More informationMalibu Non-Agency Matrix
Revision: May 1, 2018 (Product Information Center, 949-390-2684, www.jmaclending.com PURCHASE AND R&T REFINANCE FIXED RATE AND FULLY AMORTIZING ARMs CASH-OUT REFINANCE Occupancy Units Max Loan Amount LTV/CLTV
More informationGold Jumbo (QM) Guidelines
(QM) Guidelines Version 2.1 Effective 12.4.18 Table of Contents Table of Contents Eligibility Matrix...2 Primary Residence Purchase, Rate and Term Refinance... 2 Primary Residence Cash-Out Refinance...
More informationFirstBank Non-Conforming Jumbo Product Guide Exceptions to These Guidelines are Not Allowed
Fixed Rate Product Codes ARM Product Codes FirstBank Non-Conforming Jumbo Product Guide Exceptions to These Guidelines are Not Allowed Product Code Names Non-Conforming 15Yr Fixed (2015FB) Non-Conforming
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationCourse 1 Section 13: Types of Mortgages and Sources of Financing Section 13 Part 1
Course 1 Section 13: Types of Mortgages and Sources of Financing Section 13 Part 1 SLIDE 1 COVER PAGE SLIDE 2 TOPICS In this section we will cover the following topics: I. Conventional mortgages II. III.
More informationOctober 30, Legislative and Regulatory Activities Division Office of the Comptroller of the Currency
October 30, 2013 Robert dev. Frierson, Secretary Board of Governors of the Federal Reserve System 20 th Street and Constitution Avenue, NW Washington, DC 20551 Docket No. R-1411 Robert E. Feldman Executive
More informationGold Jumbo Plus (Non-QM) Guidelines
(Non-QM) Guidelines Version 2.2 Effective 12.4.18 Table of Contents Eligibility Matrix...2 Primary Residence Purchase, Rate and Term Refinance... 2 Primary Residence Cash-Out Refinance... 2 Second Home
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationEXPANDED JUMBO GUIDELINES JF30R, JF15R, JA71R, JA101R
TABLE OF CONTENTS 1. Table of Contents... 1 2. Matrix... 2 3. Eligible Products... 4 4. Ineligible Products... 4 5. Underwriting... 4 6. Eligible Borrowers... 4 7. Ineligible Borrowers... 7 8. Eligible
More informationDiamond Jumbo QM and Jumbo 90 QM Program Eligibility Guide
Diamond Jumbo QM and Jumbo 90 QM Effective 01.28.2019 Table of Contents Diamond Jumbo QM and Jumbo 90 Table of Contents Diamond Jumbo QM and Jumbo 90 Eligibility Matrix...3 Primary Residence Purchase,
More informationABILITY-TO-REPAY: REGULATING OR UNDERWRITING? PART I. Author: Jonathan Foxx
Lenders Compliance Group June 20, 2011 ABILITY-TO-REPAY: REGULATING OR UNDERWRITING? PART I Author: Jonathan Foxx MAGAZINE ARTICLE Then, said Poirot, having placed my solution before you, I have the honour
More informationFinancing Residential Real Estate. Qualifying the Buyer
Financing Residential Real Estate Lesson 8: Qualifying the Buyer Introduction In this lesson we will cover: the underwriting process, qualifying the buyer, and factors taken into account when a buyer s
More informationditech BUSINESS LENDING JUMBO PRODUCTS
1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate and ARM mortgages Fixed Rate: 15 and 30 year terms 5/1 LIBOR ARM: 30 year term Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted
More informationStockton Mortgage Funding HomeReady Fixed Rate Mortgage Product
1. PRODUCT DESCRIPTION Conventional C onforming fixed rate m ortgage DU Version 9.3 10, 15, 20, or 30 year terms for product 30 year term only for product Fully amortizing Qualified Mortgage (QM) Safe
More informationPrintable Lesson Materials
Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two
More informationGold Jumbo Program Eligibility Guide. Effective 1/1/18
Gold Jumbo Effective 1/1/18 Jumbo Table of Contents Jumbo Loans (QM) Eligibility Matrix...4 Primary Residence Purchase, Rate & Term Refinance...4 Primary Residence Cash-Out Refinance...4 Second Home...4
More informationS Analysis of Regulatory Relief for Credit Union
S. 2155 Analysis of Regulatory Relief for Credit Union June 2018 SECTION Minimum Standards for Residential Mortgage Loans (Section 101) Adds a new safe harbor category of Qualified Mortgages (QMs) to Section
More informationPennyMac Correspondent Group Open Access
PennyMac Correspondent Group Open Access 01.18.18 Overlays to Freddie Mac are underlined The new loan must have an application date on or before December 31, 2018. Mortgage Product Program Eligibility
More informationRULES AND AMENDMENTS TO REGULATION Z
Attorneys at Law Arlington Office 2310 W. Interstate 20, Suite 100 Telephone: 918-461-5500 Arlington, Texas 76017-1868 Fax: 817-856-6060 RULES AND AMENDMENTS TO REGULATION Z OCTOBER 1, 2009 In an effort
More informationSelect QM Program Eligibility Guide
Version 1.6 Effective 07.03.2017 Table of Contents Table of Contents Eligibility Matrix... 4 Primary Residence Purchase, Rate and Term Refinance... 4 Primary Residence Cash-Out Refinance... 4 Second Home
More informationEnhancing HOEPA: The CFPB s Changes to Regulations Z & X
Enhancing HOEPA: The CFPB s Changes to Regulations Z & X Presented by Adam Jaskievic, Esq. Moderated by James W. Brody, Esq. Managing Member American Mortgage Law Group, P.C. 75 Rowland Way, Ste. 350,
More informationTexas Cash-out Program Guide Fixed Rate
Texas Cash-out Program Guide Fixed Rate Wholesale Lending July 20, 2015 Program Overview... 2 Employee Loan Policy... 2 Credit Philosophy... 2 Ability to Repay and Qualified Mortgage... 2 Program Parameters...
More information20 Hour SAFE Comprehensive: Financing Residential Real Estate
20 Hour SAFE Comprehensive: Financing Residential Real Estate COURSE MANUAL Part 1 Roy L. Ponthier, Ph.D., Ed.D., CDEI, DREI Executive Director 9/18 20 Hour SAFE Comprehensive: Financing Residential Real
More informationCHAPTER 11: RATIO ANALYSIS
CHAPTER 11: RATIO ANALYSIS 11.1 INTRODUCTION Ratios are used to determine whether the borrower s repayment income can reasonably be expected to meet the anticipated monthly housing expense and total monthly
More information20 Hour SAFE Comprehensive: Financing Residential Real Estate
20 Hour SAFE Comprehensive: Financing Residential Real Estate COURSE MANUAL Days 1-4 Roy L. Ponthier, Ph.D., Ed.D., CDEI, DREI Executive Director 9/16 NMLS Rules of Conduct for Students (ROC) Day 1 Real
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More information