Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act: What Every Lender Should Know

Lorman Education Services
Training overview
Professional Course
1.5 hours

Course description

Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act: What Every Lender Should Know

Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act: What Every Lender Should Know

Learn everything you need to know about qualified mortgage rules under the Dodd-Frank Act and the rules effect on financial institutions. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), signed into law in 2010 and amended in 2013, contains a series of financial regulatory reforms intended to combat what was perceived by lawmakers as a lack of oversight leading to the recession and housing crisis of the late 2000’s. One of the provisions of the Dodd-Frank Act requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for qualified mortgages. This topic will examine the rule and explain what lenders need to know to remain compliant and protect their business.

Learning Objectives

  • You will be able to identify what loans fall within the scope of the rules.
  • You will be able to discuss exceptions to the ability-to-repay rule.
  • You will be able to explain safe harbor for qualified mortgages.
  • You will be able to review the amendments to the ability-to-repay and qualified mortgage rules.

  • Want to find out more?

    Who should attend?

    This live webinar is designed for presidents, vice presidents, attorneys, branch managers, directors, loan officers, loan department personnel, credit and collection managers, controllers, auditors, business executives, estate and financial planners, accountants, tax managers and enrolled agents.

    Training content

    • The Ability to Repay Determination
    • What Loans Fall Within the Scope of the Rules
    • Underwriting Guidelines Utilized in Making Determination Regarding the Ability to Repay
    • Exceptions to the Ability to Repay RulesSafe Harbor for Qualified Mortgages
    • What Constitutes a Qualified Mortgage
    • Protections Afforded by Safe Harbor Status
    • Higher-Priced Mortgages Can Still Obtain Safe Harbor StatusJuly 2013 Amendments to the Ability-to-Repay and Qualified Mortgage Rules
    • Additional Exceptions to the Original RuleCFPB Enforcement of the Rules and How Courts May Interpret the Ability to Repay and Qualified Mortgage Rules

    Costs

    The cost of this Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act: What Every Lender Should Know live webinar is $219 per participant.

    About Lorman Education Services

    Lorman Education Services

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    Contact info

    Lorman Education Services

    Lorman Education Services
    2510 Alpine Road
    54702 Eau Claire Wisconsin

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