Ability To Repay And Qualified Mortgage Rules Under The Dodd-Frank Act: What Every Lender Should Know
|Date / Time:
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), signed into law in 2010 and amended in 2013, contains a series of financial regulatory reforms intended to combat what was perceived by lawmakers as a lack of oversight leading to the recession and housing crisis of the late 2000's.
One of the provisions of the Dodd-Frank Act requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for qualified mortgages.
This webinar will examine the rule and explain what lenders need to know to remain compliant and protect their business.
The Ability to Repay Determination
Safe Harbor for Qualified Mortgages
- What Loans Fall Within the Scope of the Rules
- Underwriting Guidelines Utilized in Making Determination Regarding the Ability to Repay
- Exceptions to the Ability to Repay Rules
July 2013 Amendments to the Ability-to-Repay and Qualified Mortgage Rules
- What Constitutes a Qualified Mortgage
- Protections Afforded by Safe Harbor Status
- Higher-Priced Mortgages Can Still Obtain Safe Harbor Status
CFPB Enforcement of the Rules and How Courts May Interpret the Ability to Repay and Qualified Mortgage RulesAbout The Presenters
- Additional Exceptions to the Original Rule
Gennifer L. Bridges, Esq.
Ashley M. Elmore Drew, Esq.
- Attorney in the Orlando, Florida office of Burr & Forman LLP
- Specializes in litigation involving banks, creditors, and debt collectors in complex foreclosure matters and claims arising under the TCPA, FDCPA/FCCPA, FCRA, and RESPA and advises clients on matters involving compliance with CFPB regulations
- Has been named a Florida Super Lawyers "Rising Star" in Business Litigation from 2012 to 2016
- Has written the following articles "Commentary on Elsman: Copy of Note Attached to Complaint may Evidence Standing to Foreclose," published by Burr Consumer Finance Litigation Blog on January 8, 2016; "Servicer Foreclosing in Own Name Must Establish Standing and Ratification by Real Party in Interest," published by Burr Consumer Finance Litigation Blog on May 1, 2015 and "Sixth Judicial Circuit Rules in Creditor's Favor on 559.72(18) Claim Under FCCPA," published by Burr Consumer Finance Litigation Blog on April 18, 2015
- Attorney in the Tampa, Florida office of Burr & Forman LLP
- Provides legal and regulatory compliance advisement and auditing services to financial services clients on a wide range of topics, including but not limited to the following: RESPA, SCRA, Third Party Relationship Risk Management, Bank use of Foreign-Based Service Providers, ECOA, FDCPA, FCRA, FACTA, UDAAP, and Regulation P. She also represents clients in a wide range of litigation to include claims asserted under TILA, RESPA, FDCPA, and TCPA
- Has written the following articles "New Risk from New Rules on Banker Pay", Published by BAI, Banking Strategies on July 6, 2016; "The Best Defense is a Good Strategy: Planning for the Arbitration Rule", Published by Burr Consumer Finance Litigation Blog on June 27, 2016; "Not Just the C-Suite: Regulators Issue Broad New Proposed Rule on Banker Compensation", Published by Burr Consumer Finance Litigation Blog on April 25, 2016; "CFPB Receives Strategy Lesson—Court Holds it Overreached by Investigating For-Profit School Accreditation", Published by Burr Consumer Finance Litigation Blog on April 27, 2016; "Do We Want the CFPB to Regulate the Practice of Law?", Published by Burr Consumer Finance Litigation Blog on April 29, 2016; "NCUA Proposes Rule Easing Credit Union Commercial Property Occupancy Rule", Published by Burr Consumer Finance Litigation Blog on June 29, 2016 and "Ctrl Alt Delete: CFPB says Mortgage Servicers Need Technological Reboot", Published by Burr Consumer Finance Litigation Blog on June 29, 2016
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