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What’s this underwriting safe harbor that comes with these new QM rules that you’ve been hearing about? Hi there, this is Jerod Moyer with Bankers Compliance Consulting. So the end of 2020 left us with two new rules related to qualified mortgages. It created a new season QM, and it also recreated the new replacement for the general QM that we currently have. Well, one of the things that comes with and is part of this rule is that they’ve created an underwriting safe harbor for both of those categories of qualified mortgages, the seasoned QM and this new replacement general qualified mortgage.
Essentially, if you defer to some certain underwriting standards that are already in existence, your loan will have been deemed to comply and we’ll meet this safe harbor. Just one of the many nuances of these rules that we’re reading through, trying to dissect and try to get some training out there, some tools and resources out there so that we can help you out with the implementation of these rules by the effective dates. If you’re looking for somebody to partner with, with your implementation plan and the change management side of that, we encourage you to check out our website for the training, the tools, the resources, and if you’re looking for consultation, to give us a call. We’d love to be that trusted partner that helps you out with these new rules.