The CFPB issued its final ruling on the Ability to Repay/Qualified Mortgage rule at the end of May. While the rule has been amended to address some concerns, a lot of questions still remain. One thing hasn’t changed, however, and that’s the effective date of January 10th, 2014.
If you haven’t kept up with the regulatory changes, you can see the final rule for details or read the latest press release. The Ability-to-Repay rule established basic requirements that protect consumers from taking on loans they cannot afford. Lenders comply with the Ability-to-Repay rule by ensuring that each loan is a “Qualified Mortgage” (QM) which meets the particular requirements specified by the CFPB.
That means you have to know all the parameters and evaluate each of your loans to determine whether they meet the QM standards…or do you?
When Point 9.0 is released in just a few short weeks, you’ll be able to see just what Calyx is doing to help you with QM compliance. We’re ready for 2014 and we’re going to make sure you’re ready, too.
Keep following us here to learn more details about Point 9.0’s solution to QM compliance.
You’ll need to make sure your account is current to 9.0 when it launches in August. Call your account manager today at 800-362-2599 so that you don’t’ miss this stand-out release.