BETHESDA, Md. – The new ability-to-repay rule on mortgage financing that goes into effect in Jan. 10, 2014 is enormous in scope, so complex that it’s detailed in an 804-page volume, according to the website www.insidemortgagefinance.com
The “Guide to the Ability-to-Repay Rule and Qualified Mortgages” costs $418 and is available in book form or in the downloadable version from Inside Mortgage Finance.
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Originators will bear most of the burden of adhering to strictly-outlined underwriting standards, eliminate products with forbidden features and create new document management practices to preserve and organize records that assist with legal protection, according to the website.
