Webinar: Ability to Repay, Part 1: New Rules that Impact Your Policies & Products (Effective Jan. 10, 2014)

Start: 3:00 pm
End: 4:30 pm
Event Days: 06/26/2013 - 06/26/2013

The ability to repay concept is simple: Make sure the borrower can pay before you make the mortgage loan. The CFPB's final pronouncement on this simple concept contained 236,000 words. This webinar is the first of two presentations on this topic, and it will address the management impact of this new rule and the decisions that must be made in the mortgage loan and asset liability management areas. The definition and impacts of "qualified mortgages" and "unqualified mortgages" will be covered, as well as the "points and fees" test. This test is one of the two tests required to determine qualified or unqualified status. (The actual ability to repay calculation and the proper approach for balloon mortgages will be included in the Part 2 webinar.*)

About This Session:     

This webinar will cover the following topics:

  • The concept
  • How this new regulation affects risk management
  • Decisions that need to be made and the timing of those decisions
  • Definitions and their impact
  • The points and fees test
  • TAKEAWAY TOOLKIT with a "quick review" chart to assist your credit union in making fee decisions

*DON'T MISS PART 2! "Ability to Repay, Part 2 - What Your Lending Staff Needs to Do to Comply (Deadline Jan. 10, 2014)" will be held Aug. 1, 2013.

Who Should Participate:

Senior management; including those with responsibilities for loan management and asset liability management, lenders, compliance personnel, underwriters and loan processors

About the Presenter:

Bill Elliott, Young & Associates, Inc.

Bill Elliott has more than 30 years of banking experience. As a compliance consultant and manager of the compliance division with Young & Associates, Inc., he works on a variety of compliance-related issues, including: leading compliance seminars, conducting compliance reviews, conducting in-house training and writing compliance articles and training materials. Elliott's career includes 15 years as a compliance officer and CRA officer in a large community bank, as well as working at a large regional bank.