Compliance – Ability to Repay – Guarantor: Can you advise if the non-occupant’s income can be included in the ATR-Residual calculation?

Answer: As a guarantor, that party is not considered a consumer for ability to repay. So, their income should not be included. Reference: RESPA – 1026.2(a)(11) [Article Published in Question & Answer Issue – November 25, 2018] Copyright © 2018 – Mortgage Currentcy – All Rights Reserved A subscription is required to access this content—please [...]

2018-11-25T20:13:24-05:00November 25th, 2018|

CFPB-Consumer Financial Protection Bureau – Federal Register Final Rule and Official Interpretations – Dated August 30, 2017 (ATR/QM) and November 9, 2017(HPML Exemption)

By:  Lloyd Rutherford-Staff Writer With the QM [Qualified Mortgage] and ATR [Ability to Repay] rules came thresholds that cannot be exceeded without becoming a high-cost mortgage.  This update is the yearly threshold adjustment. Rule Synopsis: The CFPB is required to calculate annually the dollar amounts for various topics contained in Regulation Z (aka The Federal [...]

2018-06-01T13:25:58-05:00January 8th, 2018|