The CFPB issued three Final Rules in the last couple of months that could potentially have an impact on your mortgage lending efforts.
The first area of change relates to Qualified Mortgages (QMs). One Final Rule updated the requirements for the General QM and the second Final Rule created an entirely new category of QM, a “Seasoned” QM. The mandatory compliance date is July 1, 2021.
The second area of change relates to Higher-Priced Mortgage Loans (HPMLs). Specifically, the Final Rule expanded the escrow account exemption which means more institutions will potentially qualify.
The Rule will take effect upon publication in the Federal Register.
Want even more bang for your buck?
When you register for our upcoming webinar series, “The Mortgage Life Cycle”, we will give you access to the HPML webinar and QM webinar at no extra charge.
The Mortgage Life Cycle is one of our fan favorites and begins next week (February 11th)! This five-part webinar series starts with the requirements that apply before application and walks you through each step of the mortgage loan process, in chronological order, until we reach the post-closing requirements. The sessions will be held on February 11, February 18, February 25, March 4 and March 11 and there is no duplication of information within these segments. You also get an 850+ page resource manual to help you along the way.
Click on the video to listen to Jerod explain more.
We hope to see you!!
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What we give you to navigate that journey is the best part of the deal in my opinion.
Are you looking for an all-in-one consumer mortgage compliance go-to? A reference, a resource manual? Someplace where you can get all the compliance requirements for consumer mortgage loans in one place? Hi there, this is Jerod Moyer with Banker’s Compliance Consulting. I’ve got just the ticket. Every year, we do a product that is called the Mortgage Life Cycle. It’s a five-part webinar series, each of them are two hours, where we go in chronological order and tackle the compliance requirements of consumer mortgage loans. What we give you to navigate that journey is the best part of the deal in my opinion. It’s an over 850 page resource manual that gets into the weeds with the requirements at each stage of the consumer mortgage process.
Now, during the program, we’re going to navigate you through that and major on the majors and minor on the minors. And you’ll be able to take notes and ask questions and things like that. But to me, the real value is what you get to take with you after the program concludes. That’s the 850 page manual with your notes at the different milestones along the way that you’ll be then able to use as you do mortgage loan compliance and share your knowledge with your teammates.
We’d love to have your team get registered and come with us on that journey. If you’ve got questions or want to just talk more about it, I encourage you to pick up the phone. Our team is standing by would love to talk to you more about the product that is the Mortgage Loan Lifecycle. I hope to see you soon.