Dodd Frank Update is hosting a 90-minute training webinar on Tuesday, Oct. 22 at 3 p.m. ET to inform industry participants about the important provisions of the newly proposed risk retention rule and its qualified residential mortgage (QRM) definition. Risk Retention, QRM and a Whole New Ballgame for Lending features Kristie Kully, of counsel at K&L Gates, and Ari Karen, principal of Offit Kurman, who are teaming up to provide in-depth training on the proposed rule, discussing its impact, should it become final, and what mortgage professionals will need to do to meet the proposed QRM standards.
Participants will learn:
- What QRM means to their business;
- When to apply risk retention;
- What is different in the re-proposal from the original proposal;
- Crucial provisions on which to provide comment to the federal agencies;
- How QM translates to QRM; and
- The cumulative impact of QM and QRM.
Industry professionals are urged to comment on the rule before the Oct. 30 deadline. While some breathed a sigh of relief when federal regulators unveiled the re-proposal, which aligns the QRM definition with the ability-to-repay rule’s qualified mortgage (QM) definition, others are warning the mortgage industry not to get too comfortable.
Regulators proposed to create a broad QRM definition, but the Dodd-Frank Act arguably envisioned a narrow QRM. The regulators’ re-proposal seeks comment on an alternative approach that would establish a narrow QRM definition. The so-called QM-plus approach would layer a 70-percent loan-to-value ratio cap and other standards atop the QM requirements.
“QM-plus may have represented views either of some — but not all — of the agencies, some of the consumer advocates or even some investor representatives in the industry that really want a tight QRM,” Kully said. “So I encourage all my clients and all other interested parties to take a look at that and point out to the agencies what impact that would have on the availability of credit.”
“This webinar will offer participants a thorough understanding of this rule proposal and how it could significantly alter the way secondary investors view loan products, should it become a final regulation,” said Nathan Marinchick, editor of Dodd Frank Update and moderator for the program. “I encourage mortgage lenders, loan officers, compliance personnel, real estate attorneys and members of the settlement services industry to tune in and learn about the various provisions.”
Participants will have an opportunity to ask questions and will receive the full PowerPoint presentation following the live event, along with complimentary feature articles from Dodd Frank Update.
Join us. Register for a live site and/or order the recording and view the webinar at your earliest convenience