Ability to Repay Policy
The CFPB Ability to Repay rule, as outlined in the Qualified Mortgage Rule, and Appendix Q, also is affected by the Higher Priced Mortgage Rule. We document all the policies and procedures necessary to comply with Ability to Repay Rules.
It is important to note that the Ability to Repay rules require documenting the entire process from origination to approval, as well as post-closing reviews, so we reference those complete policies in our complete operating procedures, rather than creating an entirely new procedures manual to manage.
Includes:
It is important to note that the Ability to Repay rules require documenting the entire process from origination to approval, as well as post-closing reviews, so we reference those complete policies in our complete operating procedures, rather than creating an entirely new procedures manual to manage.
Includes:
- Exempt Loans
- Credit Policy
- Ability to Repay Eligibility
- Qualified Mortgage Definition
