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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.


The QM Support Kit

Recent QM service offerings

Feb. 18, 2014

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

A host of service providers have developed offerings that help mortgage firms successfully navigate the Qualified Mortgage and Ability-To-Repay rules.

Compliance tools for Consumer Financial Protection Bureau requirements have been built into Mortech Inc.'s Marksman product and pricing engine, a news release last month said.

The Marksman Compliance Suite provides compliance checks for Annual Percentage Rates and Average Prime Offer Rates. It also addresses debt-to-income ratios, lender fees and points calculation, and non-QM due to risk.

Control Solutions International hopes to help small and mid-sized mortgage bankers, brokers and servicers comply with an array of CFPB rules, according to a Feb. 5 announcement. The Worburn, Mass.-based company is sponsoring a free Mortgage Compliance Newsletter at Mortgage Daily to address QM concerns and other compliance issues.

OpenClose said last week that the functionality needed to adhere to QM and Ability-to-Repay rules has been implemented within one of its client's loan origination system.

At the point of sale, loan originators choose a product on the loan application and click a QM button. A decision is returned to the originator about whether the loan is QM-qualified.

Colleen Thingelstad, director of real estate lending at Horizon Credit Union, was quoted in the announcement as saying that OpenClose's QM feature "has made our jobs incredibly easy" and noted that it "automatically does everything for us." OpenClose is online at www.openclose.com.

LoanScoreCard touted Envoy Mortgage's correspondent division as a new client earlier this month. The Irvine, Calif., service provider said that more than 175,000 QM Findings Reports have been generated since its QM product hit the market in August 2013.

LoanScoreCard's website address is LoanScoreCard.com.


A month earlier, LoanScoreCard reported that Freedom Mortgage's wholesale division has become QM-ready thanks to its quantifiable Findings Reports that determine whether a file is a QM.

Nationwide Title Clearing Inc. predicts that the new QM guidelines will help standardize the industry.

"The new rules are likely to regiment the industry, so there will be fewer differences between mortgages offered by different lenders, thereby intensifying the competition and making compliance of the utmost importance," Nationwide Chief Executive Officer John Hillman said in a news release.

A QM report from CoreLogic Inc. said that setting rules and boundaries for residential loans is one of the first steps in encouraging more private capital investment in the U.S. housing finance system. Although investor appetite for credit risk and litigation during the QM era has yet to be determined, investor trust is expected to be developed over time.


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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