Ability to Repay / Qualified Mortgage (QM) Matrix Updated

With the October 1st mandatory compliance date for the “revised” general QM, we want to remind you that the “original” general QM will no longer be available for applications received on or after October 1, 2022. There will also no longer be a QM category for a loan based solely on its eligibility for purchase or insurance by Fannie Mae or Freddie Mac.

In light of these changes, we’ve updated our Ability to Repay Risk & Requirements Matrix. Version 6.0 is now available as a Free Download. We’ve also made some minor updates to our Ability to Repay Worksheet that’s also available as a Free Download.

You may remember that this revised general QM criteria actually became effective back in March 2021. The mandatory compliance date was then extended from July 2021 all the way until October 1, 2022.

For more, be sure to check out the October edition of Banking on BCC or if you’re looking for a refresher on the revised general QM, we have a couple of webinar options, “The New General QM – Flash Webinar” or “The New QM Rules”, available now OnDemand.

Ability to Repay / Qualified Mortgage (QM) Resources

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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