Consumer Compliance Outlook
Small Creditor Qualified Mortgages
Outlook Live Webinar
Wednesday, December 4, 2013
||11:00 a.m. – 12:00 noon Pacific
|12:00 noon – 1:00 p.m. Mountain
| 1:00 p.m. – 2:00 p.m. Central
| 2:00 p.m. – 3:00 p.m. Eastern
Please join us for a discussion on the Ability-to-Repay (ATR)/Qualified Mortgage (QM) rule provisions, which provide flexibilities for small creditors to originate Qualified Mortgages (QMs). This session will be presented by the Consumer Financial Protection Bureau (CFPB), and will address the following topics:
- What types of QMs may all creditors originate?
- What types of QMs may only be originated by small creditors?
- What is a small creditor?
- What are the flexibilities small creditors have in originating QMs?
- What requirements must be met to originate small creditor QMs?
- Can a small creditor make balloon mortgages and/or non-QM loans?
The CFPB wants to get the word out about how these provisions can be used by small creditors to continue doing the important lending to which they are committed within their communities. The CFPB wants small creditors to have confidence in their underwriting guidelines, which have historically produced strong loan performance, in both the QM and non-QM space.
Additional information and resources related to the ATR/QM rule may be accessed at the CFPB’s website at: http://www.consumerfinance.gov/regulatory-implementation/.
This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.