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New QM Standards Under the Truth in Lending Act

On December 10th, the Consumer Financial Protection Bureau (CFPB) issued two final rules that make significant changes to Regulation Z's ability to repay requirements. With an effective date of July 1st, financial institutions need to start preparing now for these changes.

OnDemand
Recorded Tuesday,
May 4th, 2021
Presented by Michael Christians
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Lending
  • Compliance Officer
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Trainer

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On December 10th, the Consumer Financial Protection Bureau (CFPB) issued two final rules that make significant changes to Regulation Z's ability to repay requirements. With an effective date of July 1st, financial institutions need to start preparing now for these changes. First, the CFPB is changing the requirements for a loan to be classified as a Qualified Mortgage (QM). Going forward, a QM must meet the following four-part test:

  • Pricing Test
  • Product Test
  • Points and Fees Test
  • Underwriting Test

Second, the CFPB has established a new category of qualified mortgages, the Seasoned QM. Seasoned QM's must meet certain product, underwriting and performance requirements.

What You'll Learn

  • QM pricing test (APR v APOR)
  • QM product restrictions
  • New underwriting standards in place of Appendix Q
  • Product limitations for Seasoned QM's
  • Performance requirements for Seasoned QM's

Learn caption

Loan originators, loan processors, lending managers, compliance professionals and internal auditors would all benefit from the material covered during this webinar.

Michael Christians

Instructor Bio

As principal of Michael Christians Consulting, LLC, Michael assists financial institutions and organizations across the country with ensuring their compliance programs conform to Federal laws and regulations. He provides counsel relative to current rules, assists with the strategic implementation of upcoming regulatory changes and offers customized education and training services. Michael has more than two decades of experience in the financial services industry with a primary focus on consumer compliance. He obtained his Juris Doctorate from Drake University Law School. He is a member of the Iowa State Bar where he is licensed to practice law.

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