Change is upon us

There is no shortage of information describing the upcoming Dodd-Frank Wall Street Reform and Consumer Protection Act's Qualified Mortgage (QM)/ability-to-repay rule. Nor has there been a vacuum of coverage on the many other mortgage rules and investor guidelines that have been created since th...

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Bibliographic Details
Published inMortgage Banking Vol. 74; no. 3; p. 50
Main Author Green, David
Format Magazine Article Trade Publication Article
LanguageEnglish
Published Washington Mortgage Bankers Association of America 01.12.2013
Subjects
Banking
Compensation
Compliance
Consumer protection
Credit unions
Government sponsored enterprises
Housing
Loan workouts
Mortgage banks
Mortgage companies
Mortgages
Regulation X
Regulation Z
Underwriting
Wall Street Reform & Consumer Protection Act 2010-US
United States > US
Online AccessGet full text
ISSN0730-0212
1930-5087

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Summary:There is no shortage of information describing the upcoming Dodd-Frank Wall Street Reform and Consumer Protection Act's Qualified Mortgage (QM)/ability-to-repay rule. Nor has there been a vacuum of coverage on the many other mortgage rules and investor guidelines that have been created since the 2008 mortgage meltdown. The Consumer Financial Protection Bureau (CFPB) itself has been the most prolific on the subject, with detailed descriptions of upcoming regulatory activity. While much of the focus has been on the CFPB and institutional regulators, the reaction by mortgage investors to Dodd-Frank and regulatory change is equally important. The Federal Housing Finance Agency has instructed Fannie Mae and Freddie Mac to limit their acquisitions to loans that meet QM. Developing compliant processes and procedures, as well as a detailed quality-control plan, requires hard work and experience. Having a comprehensive team with investor relations and regulatory compliance expertise is crucial.
ISSN:0730-0212
1930-5087