This coming January 10 is not just another cold day in January. This day, the effective date of the Ability-to-Repay/Qualified Mortgage (QM) rule, can potentially change the way every mortgage professional does business. QM is not just about GSEs; if you’re selling a loan after January10, it must be QM and it should be Safe-Harbor.
You’ll need your system and processes in place to ensure you know what a QM looks like and that your loans are—and will be—QM. Are you ready?
You can be.
With Point 9.0, just released last week, we have provided Calyx clients with the tools they need to assure QM and Safe-Harbor. The QM button, located at the bottom of several Point screens, can produce a QM Findings Report in seconds with QM determinations as well as Safe Harbor/Rebuttable Presumption determinations.
Each findings report documents QM Points and Fees, QM Qual Rate and DTI, and provides detailed QM messaging. Reports can be run multiple times throughout the loan process to ensure compliance at every step. Each report—clearly user and date stamped—is stored in Point’s document management system so that you retain evidence of compliance for the required 3 years and defend your files in audits, buybacks or lawsuits.
Don’t wait to find out if you’re prepared for the QM rule. Get Point 9.0 today and start testing your files for QM status. Call 800-362-2599.