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News about complying with mortgage laws, rules and regulations.


QM Toolbox

Services to help with QM compliance

Jan. 7, 2014

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

Two services aim to educate lenders and their employees about the Qualified Mortgage rule and help them maintain compliance. One of the services additionally addresses the Federal Housing Administration QM requirements.

The QM and Ability-to-Repay rules issued by the Consumer Financial Protection Bureau are set to become effective three days from now.

The Compliance Essentials Ability to Repay/Qualified Mortgage Resource Guide explains the effects of the rule on the mortgage industry and what changes organizations should make to comply, according to an announcement.

The guide, which was published by the Mortgage Bankers Association's MBA Education unit, will also provide originators, processors and underwriters with a clear understanding of the rules.

"The complexity and obligations under the ATR/QM rule will be burdensome for many companies in the real estate finance industry," MBA President and Chief Executive Officer David Stevens said in the announcement. "Because of this, MBA Education has created the only resource manual that helps organizations understand and adjust to this new reality."

An update to LoanScoreCard implements the final QM rule recently released by FHA.

The Irvine, Calif.-based firm said that its QM engine has rendered more than 53,000 reports since being released in August.

"We're currently generating in excess of 900 QM reports daily," LoanScoreCard Director of Operations Allen Meigide said in the Dec. 17 statement. "We will continue to rapidly deploy any enhancements necessary to provide the compliance and accuracy that are essential to our clients' success."

Two weeks earlier, LoanScoreCard touted United Fidelity Funding Corp. as a client that had started using its LoanScoreCard QM Findings, while Plaza Home Mortgage Inc. reportedly starting using the service in November for its third-party originations.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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