Ability to Repay Documentation
The Ability to Repay requirements found in Regulation Z require lenders to make a good faith and reasonable determination of borrowers’ ability to repay a mortgage loan. Lenders must consider specific underwriting factors, use reasonably reliable third-party records to verify the information, and retain documentation. When it comes to your documentation, we have a tip for you.
Jerod explains more in the video.
Video Highlights:
- Ability to Repay documentation should be easily identifiable by auditors.
- Organizing the information neatly within the loan file helps auditors review it quickly.
- The goal is to see auditors get in and get out of your files quickly.
Published
2023/03/21
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Jerod Moyer
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!