We have recently updated some of our Free Lending Tools and they are now available on our website.
In our December 21st blog, we mentioned the points and fees thresholds used for determining whether you have a Qualified Mortgage would change for 2018. The Repayment Ability Risk and Requirements Matrix (Version 4.3) now reflects this change.
The Real Estate Checklists (Version 3.0) have been updated to help you identify HMDA-reportable loans and prepare for the Beneficial Owner Requirements. We also made some technical changes and reorganized them a bit.
The Real Estate Matrix (Version 11.1) changes were very technical in nature. Specifically, it includes a clarification that the ATR requirements will only apply when you have a dwelling as collateral.
The HMDA Data Guide (Version 1.1) has been updated with links to the CFPB’s new Rate Spread Calculator and Check Digit Tool.
The Rounding Cheat Sheet (Version 3.0) has been updated to reflect the changes made by the CFPB’s Final Rule issued back in July 2017. The mandatory compliance date is October 1, 2018, but you can begin implementing them now.
Learn more about the Home Mortgage Disclosure Act (HMDA) here.
Published
2018/01/12