NCUA Issues Regulatory Alert Regarding Ability to Repay and Qualified Mortgage Rules

The National Credit Union Administration has issued a regulatory alert to all federally insured credit unions focusing on the Ability-to-Repay (ATR) and Qualified Mortgage (QM) requirements that go into effect on Friday, Jan. 10.

Fed Proposes Rule Under Reg. Z Pertaining to Ability to Repay Mortgage and Minimum Underwriting Standards

The proposal would apply to all consumer mortgages except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans.