Qualified Mortgage Rule Amended – Look for More Regs Ahead

TCT RISK SOLUTIONS NEWSWIRE

Qualified Mortgage Rule Amended – Look for More Regs Ahead

In a December 23, 2020 article in NAFCU.org, Brandy Bruyere, NCCO, VP of Regulatory Compliance, NAFCU writes: “…CFPB announced final rules amending the qualified mortgage (QM) rule. Specifically, the rules shift from a debt-to-income ratio (DTI) standard to a pricing-based standard for determining whether certain mortgages will be QMs and create a “seasoned” QM …”.

This regulatory change is unrelated but a new Administration beginning 2021 will most likely mean more new regs and “reinstatement of past regs” for financial institutions. Policies and procedures will need to be updated to reflect changes that are likely to occur in an environment of tighter regulations over the next several years.

TCT’s Regulatory Compliance and Policy Writing Services helps credit unions (especially small credit unions) remain regulatory compliant and establish policies for special situations.

Read More!