[SS Fed] Ability to Repay and Qualified Mortgage Rules
Course Description
The Ability to Repay (ATR) and Qualified Mortgage (QM) Rules became effective in January 2014. These rules were established to ensure that creditors are making reasonable, good faith efforts to ensure a borrower’s repayment ability before making a mortgage loan. The Rules came about in response to the many “creative” loans that were difficult for borrowers to afford in the long-term and ultimately contributed to the mortgage market crash. By enacting these rules, the CFPB hopes to curb previous dangerous lending practices, and ensure a safer, more responsible lending market.
This course provides an overview of the Ability to Repay and Qualified Mortgage Rules, including provisions related to assessing borrower repayment ability and presumptions of compliance.
20 Minutes
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