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Small-entity Compliance Guide Available For CFPB QM/ATR Rule
WASHINGTON (8/15/13)--The Consumer Financial Protection Bureau Wednesday updated its small entity compliance guide for the Ability-to-Repay and Qualified Mortgage (ATR/QM) rule to incorporate clarifications and amendments to the ATR/QM rule issued on May 29 and July 10.

Changes made in the May 29 amendments include:
  • The creation of a transitional period when small lenders can make balloon mortgage loans under certain conditions. These balloon mortgage loans would still qualify as QM loans; and
  • Extending QM status to held loans that are made by credit unions and community banks that have less than $2 billion in assets and make 500 or fewer first-lien mortgages annually, even if the borrower's debt-to-income ratio exceeds the rule's 43% QM threshold.
The July 10 amendments addressed servicing provisions, implementation dates for adjustable-rate mortgage servicing, exclusions from requirements on higher-priced mortgage loans, some small servicer exemptions, and other issues.

The QM rule is scheduled to go into effect January 2014.
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