We have good news! The CFPB has released the first of several tools to help financial institutions comply with the new mortgage rules. Yesterday the CFPB released the Small Entity Compliance Guide for the Ability to Repay/Qualified Mortgage rule.
You can access the guide here. The CFPB’s blog post announcing the guide may be accessed here. If you haven’t begun thinking about your implementation plan for the Ability to Repay/QM rule, this is a good starting point.