Since decisions about these new mortgage rules have many implications, I was wondering if you will include a guide to making business decisions regarding what types of mortgages to accept. I know that we will need to consider how our decisions will affect fair lending, CRA and even UDAAP not to mention profitability and risk. I’ve also been told that we should be looking at a sample of loans from the prior three years to determine if, under the new rules we would have made those loans. This sounds like an overwhelming task to me so, I guess I am asking for a tool to help work through it. Thanks.
All of these issues were addressed in a recent Compliance Masters Group session, at the request of members. Unless you are a new member that information is available in the recording of the meeting and in the documents we provided.
In the coming months we are developing products that summarize he material covered in prior meetings. They will be available in the cart on the website.