The January 10, 2014 effective date for implementation of the CFPB's Ability to Repay and Qualified Mortgage Rules has come and gone. Now almost every residential mortgage transaction is subject to the Ability to Repay. Some lenders are booking Qualified Mortgages as a means of satisfying that rule. Other lenders find it difficult to structure every loan as a Qualified Mortgage. Questions seem to abound.
Patsy, Memrie, Cliff and I have fielded a significant number of these questions over the last few weeks. The Steering Committee asked that we devote a portion of the February Quarterly Meeting to a discussion of the most common questions posed. In addition, we will try to focus on certain policy issues that different ones of you have raised.
This meeting will be a time for you to ask questions that may have come up (and hopefully get answers). If you have questions, please email those to any of us in advance of the Quarterly Meeting date.
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