A question we received from a CMG member:
I have put together checklists now for each of the changes with which we will be dealing. It has come to my attention in this process that there are different ways that borrowers have to be qualified under diferent parts. What number are we actually supposed to use?
HPML requires looking at the highest payment in the first 7 years
Ability to Repay has varying rules depending on what compliance method is chosen
Should the ability to repay ratio be our determining factor as far as policy exception reporting, etc?
Will we need to be able to prove that we’ve done both ATR ratio testing and HPML ratio testing?