Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Small-entity Compliance Guide Available For CFPB QM/ATR Rule
WASHINGTON (8/15/13)--The Consumer Financial Protection Bureau Wednesday updated its small entity compliance guide for the Ability-to-Repay and Qualified Mortgage (ATR/QM) rule to incorporate clarifications and amendments to the ATR/QM rule issued on May 29 and July 10.

Changes made in the May 29 amendments include:
  • The creation of a transitional period when small lenders can make balloon mortgage loans under certain conditions. These balloon mortgage loans would still qualify as QM loans; and
  • Extending QM status to held loans that are made by credit unions and community banks that have less than $2 billion in assets and make 500 or fewer first-lien mortgages annually, even if the borrower's debt-to-income ratio exceeds the rule's 43% QM threshold.
The July 10 amendments addressed servicing provisions, implementation dates for adjustable-rate mortgage servicing, exclusions from requirements on higher-priced mortgage loans, some small servicer exemptions, and other issues.

The QM rule is scheduled to go into effect January 2014.
RSS





print
News Now LiveWire
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
57 minutes ago
Economic growth leaps in Nov, @ChicagoFed reports http://t.co/8Xo9lKLFf2
1 hours ago
#NewsNow Redwood CU branch manager will do double duty as mayor http://t.co/yRnkcQYrEG
1 hours ago
.@PCUA PAC donors notch record $151K+, surpassing 2013 total
1 hours ago
Cheney, La Pine, Middleman join @NCUFoundation board #NewsNow http://t.co/4C14PZpFf5
3 hours ago