One Week Left: NCUA Issues Regulatory Alert on Mortgage Rule
NCUA has issued Regulatory Alert 14-RA-01 to provide further guidance in complying with the upcoming Ability-to-Repay/Qualified Mortgage Rule. In the Guidance, NCUA points out that since the underwriting criteria required under the ATR/QM Rule is broader than the requirements under Part 701 of the NCUA Rules and Regulations and most state rules, that compliance with the ATR/QM rule should ensure compliance with Part 701. However, compliance with Part 701 may not ensure compliance with the ATR/QM Rule. [1/3]
