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Product ID: 408712EAU
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Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act

OnDemand Webinar (88 minutes)

Learn everything you need to know about qualified mortgage rules under the Dodd-Frank Act and the rules' effect on financial institutions.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 topic will examine the rule and explain what lenders need to know to remain compliant and protect their business.


Gennifer L. Bridges, Esq., Burr & Forman LLP


The Ability to Repay Determination

• 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

Safe Harbor for Qualified Mortgages

• What Constitutes a Qualified Mortgage

• Protections Afforded by Safe Harbor Status

• Higher-Priced Mortgages Can Still Obtain Safe Harbor Status

July 2013 Amendments to the Ability-To-Repay and Qualified Mortgage Rules

• Additional Exceptions to the Original Rule

CFPB Enforcement of the Rules and How Courts May Interpret the Ability to Repay and Qualified Mortgage Rules