On February 23rd, the CFPB issued a statement on the planned changes to the General Qualified Mortgage (QM) definition and the new Seasoned QM definition. Both are set to go into effect on March 1st.
According to the statement, both the revised General QM and Seasoned QM rules will still go into effect on March 1st. However, it appears the CFPB plans to delay the July 1st mandatory compliance date for the General QM, as well as, the Temporary QM expiration date.
If this happens, there will be two versions of the General QM (current and revised), a Temporary QM and the new Seasoned QM. The other QMs will remain unchanged (small creditor, FHA, VA, etc.). The rules, as originally written, were going to have the biggest impact on secondary market lending. With yesterday’s curveball; however, our best guess is that secondary market loan underwriting will remain unchanged until the CFPB decides what to do next.
The CFPB plans to revisit parts of the revised General QM definition and seemingly the Seasoned QM option as a whole. If the CFPB does decide to change or revoke the Seasoned QM, it will also address what happens with applications received on or after March 1st, while the rule was in effect.
Join us on March 9th as we bring you the ins and outs and where we’re at with all these QM changes in plain English!
We recently made the difficult decision to cancel our “in person” Compliance Conferences this fall, but they are going VIRTUAL!
While this may be different, virtual training is nothing new to us. It’s something we’ve been doing for years!
During this time of uncertainty and tight budgets, rest assured you will get the best training around!
Our trainers and virtual production team are experts.
They use the latest video and audio capabilities to ensure you will have an exceptional virtual experience. You will be able to see and hear our trainers live on video, ask questions, interact and network with them.
Click on “see events” to view the dates of each conference. You have the option to purchase individual conferences or you can purchase all three for a discounted price. The registration allows your entire team (including multiple locations) to attend.
All sessions will be recorded and available at no extra cost!
Are you struggling to get your team to buy in to your bank’s complaint and complaint management program? If so, you are not the only one. The word “complaint” carries a negative connotation in most people’s mind. However, complaints can be an opportunity. Learn how complaints and a well-developed complaint program can actually benefit your organization.
Click on the video to listen to Jerod explain more.
You know the Banker’s Compliance Consulting team produces fun and educational compliance training events. If you’ve been on a cruise, you know they are exciting. We are combining these two great events into one amazing conference!
Make sure you get in your vote. Press on the i (info) on the upper right of the video.
We are only a year away from our first ever Compliance Cruise!! In 2020 (January 25 – February 1), we will be sailing the high seas, enjoying some fun in the sun and most importantly, getting you the latest and greatest compliance information on a variety of lending, deposit and BSA topics.
Our very own David Dickinson and Jerod Moyer, as well as Paul Osborne will be your instructors on this one of a kind training event!
It sure looks like Kevin is ready to go, are you? It is imperative that you get your spot before March 31st to get the advertised rates.
While we are still a year away, the time to register is NOW! Space is filling up! We can’t wait to see you on the ship!!