Countdown to ATR/QM Changes Effective October 1, 2022: Preparing Policies & Processes

The QM rules have been on a rollercoaster the last two years. Originally the CFPB released two final rules related to qualified mortgage (QM) loans. The first was to replace the DTI requirements for general QM loans and the second was to create an entirely new category for qualified mortgages – seasoned QMs. On December 29, 2020, the CFPB published the final rule in the Federal Register, giving it an effective date of March 1, 2021; however, the mandatory compliance date was July 1, 2021. Then on April 30, 2021, the CFPB published a new notice in the Federal Register extending the mandatory compliance date for the General QM Rule to October 1, 2022.

This session will dive into the final QM rules and provide best practices for how to prepare your policies, procedures, systems, and staff for the changes. It will also review the seven ability-to-repay (ATR) options and provide guidance on implementing the new changes and how to strengthen your current ATR/QM compliance program. Don’t miss this jam-packed session!