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QM Compliance Service Providers Out in Force

Mortgage lenders have a treasure trove of resources when it comes to maintaining compliance with the Consumer Financial Protection Bureau’s Qualified Mortgage and Ability to Repay rules.

A webinar is being held on May 8 at 1 p.m. Central on best practices for achieving QM/Ability-to-Repay compliance.

The event, hosted by Equifax, promises to inform attendees about best practices being used by originators and home-equity lenders to ensure compliance.

“A team of experts, including a senior manager of regulation and compliance at Equifax, will provide insight on the compliance pitfalls, including repurchase risk and regulatory penalties stemming from the new rules,” the sign-up page says. “The team will also discuss compliance best practices for mortgage lenders and provide insights about trusted data sources and efficient processes to verify a borrower’s employer wages and salary and IRS income in a home equity lending environment.”

Registration for the event from Equifax, a Mortgage Daily advertiser, can be completed at

An expansion of Ellie Mae’s Total Quality Loan program includes a QM-ATR compliance feature. The Pleasanton, Calif.-based company — also a Mortgage Daily advertiser — said in a news release last month that the new features help lenders demonstrate the controls that have been put in place to track quality and the steps they have taken to promote compliance.

Information about the Total Quality Loan Program is online at

AccountChek is being integrated into Roostify’s loan management system, a March 17 statement said. The move will enable automated retrieval of digital bank statements and verifications of deposit. Reports generated through Roostify can be exported to loan origination systems.

The Athens, Ga., company said the integrated service gives lenders a safe and simple way to comply with the CFPB’s Ability-to-Repay rule.

Roostify’s website address is

The most powerful tools in combating mortgage fraud under the Ability-to-Repay rule are third-party verifications, according to Everify Director Bill Wilson. He predicts an increase in fraud as a result of CFPB actions. He also expects mortgage brokers to be placed at higher risk of involvement.

“After spending countless hours having conversations with mortgage brokers about the subject of having a third party verification service provider doing their verifications, almost 90 percent of them had absolutely no clue about what is happening in the market around them with respect to verifications and why they need to utilize such important services to protect and insure their firm,” Wilson said.

E-VERIF touts its wares at

Another Mortgage Daily advertiser assisting mortgage bankers with QM compliance is Control Solutions International. The Woburn, Mass.-based firm said in a recent announcement that it had assembled a team of well-known banking, mortgage banking and mortgage servicing professionals with many years of hands-on, ‘walking-in-your-shoes’ experience.

Control Solutions promotes its offerings at

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