The Mortgage Bankers Association Education released its Compliance Essentials Ability to Repay /Qualified Mortgage Resource Guide to help provide guidance on the new regulation.
The manual explains the effects of the ATR/QM rule on the real estate finance industry, in addition to explaining how organizations should adjust to comply with this new federal regulation.
"The complexity and obligations under the ATR/QM rule will be burdensome for many companies in the real estate finance industry,” said David Stevens, president and CEO of the MBA.
“Because of this, MBA Education has created the only resource manual that helps organizations understand and adjust to this new reality. The January 10 deadline for compliance is fast approaching, making it critical for those affected by this new regulation to get up to speed immediately and begin properly conforming to these requirements," Stevens said.
This resource guide includes: basic training for staff, operational rule requirements and more.