Dodd Frank Mortgage Reform 2014

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1 Dodd Frank Mortgage Reform 2014 Business Partner Deck v

2 Overview RULE EFFECTIVE DATE Loan Originator Compensation - TILA Loans closed and paid on or after 1/01/14 Ability to Repay/Qualified Mortgages - TILA Applications received on or after 1/10/14 High Cost Mortgages - HOEPA Applications received on or after 1/10/14 Valuation Delivery & Disclosures - ECOA Applications received on or after 1/18/14 Higher Priced Mortgage Loans - TILA Applications received on or after 1/18/14 2

3 LO Compensation (Wholesale) LO COMPENSATION - HIGHLIGHTS OF CHANGES Prohibition of payments based on terms (or proxies) of transactions now applies to consumer-paid transactions. Brokers responsible for ensuring compliance with this change. Non-loan originators must not engage in loan originator activities most specifically, they must not discuss specific terms, conditions or pricing concessions with borrowers. Very narrow exception to allow creditor to require Loan Originator company/individual to cure RESPA violation only applies to unforeseen circumstances. Business partners are responsible for compliance with these new requirements. 3

4 RULE EFFECTIVE DATE Loan Originator Compensation - TILA Loans closed and paid on or after 1/01/14 Ability to Repay/Qualified Mortgages - TILA Ability to Repay/Qualified Mortgages - TILA Applications received on or after 1/10/14 Applications received on or after 1/10/14 High Cost Mortgages - HOEPA Applications received on or after 1/10/14 Valuation Delivery & Disclosures - ECOA Applications received on or after 1/18/14 Higher Priced Mortgage Loans - TILA Applications received on or after 1/18/14 4

5 ATR/QM Requirements ATR/QM - HIGHLIGHTS OF CHANGES Loans must pass Qualified Mortgage test, including 3% points and fees limit Broker Compensation is always included in points and fees test, regardless of who pays Prepaid finance charges paid to affiliates of broker, creditor or loan originator are included in points and fees Title and real estate related fees only included in points and fees if paid to affiliate of creditor 5

6 Ability to Repay / Qualified Mortgages ABILITY TO REPAY (ATR) REQUIREMENT UNDER THE TRUTH IN LENDING ACT A creditor must demonstrate a reasonable and good faith determination, at or before consummation, that the consumer has the Ability-to-Repay a Covered Transaction. Covered Transactions Consumer purpose, closed-end loans secured by a 1-4 unit dwelling Excludes Housing Finance Authority (HFA) - Bond Loans Initial Construction and Construction Phase of Construction-to-Perm Loans HELOCs, Reverse Mortgages, Bridge Loans and Timeshares Effective for loan applications received by the creditor on or after January 10,

7 Ability to Repay / Qualified Mortgages 3 DIFFERENT WAYS TO DEMONSTRATE COMPLIANCE WITH THE ATR REQUIREMENT 1 Applying the Ability to Repay (ATR) Standard 2 Refinancing a Non-Standard Mortgage into Standard Mortgage 3 Originating a Qualified Mortgage (QM) 7

8 WHAT IS A QUALIFIED MORTGAGE (QM)? Product does not contain risky/toxic features (negative amortization, interest-only, or balloon features) Loan term does not exceed 30 years Dodd Frank Changes Qualified Mortgage Debt-to-income ratio is less than or equal to 43% Note: Temporary QM Alternative DTI Exception** Points and fees do not exceed 3%* of total loan amount WHAT IS A NON-QUALIFIED MORTGAGE (NON-QM)? Covered loans that do not satisfy QM or Alternative QM Standard. Note: There is no cure for originating a non-qm loan * There are different points & fees caps for smaller loan amounts ** Loans eligible to be purchased or guaranteed by Fannie or Freddie or insured/guaranteed by HUD, VA or USDA. All other QM requirements, aside from DTI limit, apply to these loans. 8

9 Qualified Mortgage WHAT IS THE TEMPORARY QM ALTERNATIVE? Temporary QM Alternative standard has the same points and fees cap, amortization limit, and restriction regarding risky features. QM Alternative QM Points & Fees Cap Yes Yes Amortization 30 years Yes Yes No Risky Features Yes Yes 43% DTI Limit Yes No 9

10 Ability to Repay / Qualified Mortgages LOAN AMOUNT POINTS & FEES LIMIT $100,000 or more 3% of total loan amount $60,000 - $99,999 $3000 $20,000 - $59,999 5% of total loan amount $12,500 - $19,999 $1000 $12,499 and below 8% of total loan amount Total loan amount = the loan amount minus any points and fees that are rolled into the loan amount 10

11 Points & Fees THERE ARE 6 GROUPS OF FEES INCLUDED IN THE POINTS AND FEES CALCULATION, UNLESS EXPLICITLY EXCLUDED. Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Prepaid Finance Charge Fees Non-Borrower Paid Broker Compensation Real estate related fees unless excluded Premiums for credit insurance; credit property insurance; other life, accident, health or loss-of-income insurance where the creditor is beneficiary; or debt cancellation or suspension coverage payments Maximum Prepayment Penalty Prepayment Penalty Paid to previous creditor in a Refinance if new creditor is refinancing a loan from an affiliated creditor Seller and third party points are only excludable when applied to Group 1 fees. All fees paid by Creditor are excludable regardless of the group, except Lender-Paid LO Compensation to Broker. 11

12 Points & Fees : Group 1 Fees Group 1 Fees Included prepaid finance charge fees are included unless explicitly excluded Loan Origination Fees, Underwriting Fees, Processing Fees, Commitment Fees, Mortgage Broker Fees (Borrower-Paid) Rate Lock Fees Discount Points (if not bona fide) Title charges considered finance charges closing/settlement agent, etc FINANCE CHARGES THAT ARE EXPLICITLY EXCLUDED ARE: Finance charge fees that are reasonable, bona fide, and paid to a third-party provider not affiliated to the creditor, broker, or loan originator. (tax service, flood, attorney review) Prepaid interest Bona Fide Discount Points Monthly Mortgage Insurance Premiums and Government Upfront Mortgage Insurance Premiums (FHA UFMIP; VA Funding Fee; USDA Guarantee Fee) Any amount of Upfront Private Mortgage Insurance that is not > FHA UFMIP amount (1.75%), is refundable on a prorated basis and the refund is automatically issued upon loan satisfaction Creditor, Seller or Thirty-Party points attributable to Group 1 fees, except for broker compensation 12

13 Bona Fide Discount Points DISCOUNT POINTS All or some discount points paid by the borrower may be excluded if: The undiscounted interest rate is not > the APOR + 2%, and The discount points charged are bona fide UNDISCOUNTED INTEREST RATE The interest rate from which the mortgage s interest rate will be discounted. This is the adjusted rate that borrower would have received absent payment of the discount points. It must be a rate that is available on the rate sheet. BONA FIDE The interest rate from which the mortgage s interest rate will be discounted. This is the adjusted rate that borrower would have received absent payment of the discount points. It must be a rate that is available on the rate sheet. Note: All discount points may be excluded from the points & fees calculation if they are paid by the seller, lender or third-party. Remember, these are Group 1 fees. 13

14 Points & Fees : Group 2 & 3 Fees Group 2 Fees Group 3 Fees Broker Compensation Paid by Any Party Other than the Borrower Compensation Paid by the Borrower is included as a Group 1 Fee, and is always included, regardless of who it is paid by Real estate related fees include (unless they are explicitly excluded) Title fees: title examinations, abstracts, survey, title insurance; Document preparation fees; Attorneys fees; Notary and credit report fees; Real estate related fees are excluded if they are: Appraisal or inspection fees; Amounts paid in escrow, except those held for future taxes Bona fide; Reasonable; AND Not paid to an affiliate of the creditor Note: If a fee is a Group 1 fee, like closing/settlement agent fees, please see Group 1 rules for affiliate fees. Seller and third party points towards Group 2 & 3 fees are included in points and fees, unless the fee is explicitly excluded. Lender-paid Group 3 real estate related fees are excluded. 14

15 QM Safe Harbor v. Rebuttable Presumption SAFE HARBOR A conclusive presumption that the loan meets the ATR requirement. These include: Non-higher priced mortgage loans FHA QM loans, regardless of their HPML status, if the APR is below the FHA QM safe harbor threshold 1 ST LIEN 2 nd LIEN QM & Temporary QM APR < 1.5% + APOR APR < 3.5% + APOR FHA QM APR 1.15% + FHA Annual Premium + APOR N/A 15

16 Ability to Repay / Qualified Mortgage REBUTTABLE PRESUMPTION Assumption of compliance, but may be rebutted by consumer. For example, the consumer could argue that together with their income, other debt obligations, and payments on the loan and any simultaneous loans, the customer did not have enough left over money to survivea.k.a. residual income. These include: Higher priced mortgage loans FHA loans if the APR is above the FHA QM safe harbor threshold 1 ST LIEN 2 nd LIEN QM & Temporary QM APR >= 1.5% + APOR APR >= 3.5% + APOR FHA QM APR > 1.15% + FHA Annual Premium + APOR N/A 16

17 ABILITY TO REPAY STANDARD FOR NON-QMS Note: Non-QM loans are not necessarily predatory, subprime loans, or considered illegal. As long as the complete Ability-to-Repay requirements are met, a creditor may make non-qm loans. However, they do present some challenges due to investor restrictions and increased liability risk. 17

18 ATR Standard A REASONABLE, GOOD-FAITH ATR EVALUATION MUST INCLUDE 8 UW FACTORS: 1 Current or reasonably expected income and/or assets 5 Monthly payments for property taxes & insurance 2 Current employment status, if applicable 6 Debts, alimony, and child support obligations 3 Monthly mortgage payment 7 Monthly DTI or residual income 4 Monthly payment on any simultaneous loans 8 Credit history Creditors must generally use reasonably reliable third-party records to verify the information they use to evaluate the factors. 18

19 ATR v. QM COMPARISON NON-QM STANDARD QM STANDARD QM ALTERNATIVE STANDARD Loan feature limitations None No Neg Am, Interest Only, or Balloon No Neg Am, Interest Only, or Balloon Loan term limits None 30 years or less 30 years or less Points & Fees Cap None 3% - see exceptions 3% - see exceptions Payment UW Mortgage-related obligations Greater of fully indexed rate or introductory rate Consider & verify Max rate in 1st 5 years Included in monthly payment & UW DTI* Per GSE or agency requirements Per GSE or agency requirements Income/Assets Consider & verify Consider & verify Per GSE or agency requirements Employment Consider & verify Included in UW DTI* Per GSE or agency requirements Simultaneous loans Consider & verify Included in UW DTI* Per GSE or agency requirements Debt, alimony, child support Dodd Frank Changes Comparing Requirements Consider & verify Consider & verify Per GSE or agency requirements DTI/Residual Income Consider & verify DTI 43% Per GSE or agency requirements Credit History Consider & verify Included in UW DTI* Per GSE or agency requirements * For QM loans, the rule does not require the creditor to separately consider and verify this factor. However, a creditor must consider this factor when underwriting the consumer s monthly payment and/or DTI under the rule. 19

20 High-Cost HOEPA (Wholesale) HIGH COST (HOEPA) - HIGHLIGHTS OF CHANGES Broker must provide new Homeownership Counseling List disclosure within 3 business days of application date Purchases are now covered by HOEPA. Exemptions from law include USDA loans and Bond Loans Lowers APR threshold from 8% to 6.5% and changes standard from U.S. Treasury security yield to Average Prime Offer Index Rate (APOR) Lowers points and fees threshold from 8% to 5% of the total transaction amount 20

21 ECOA Valuation Delivery(Wholesale) ECOA VALUATION DELIVERY - HIGHLIGHTS OF CHANGES Creditor must deliver appraisal and written valuations promptly upon completion or 3 business days prior to consummation, whichever is earlier. Borrower waiver of 3 day requirement is permitted, but waiver must be made at least 3 business days before consummation unless only changes are only clerical. If loan is not closed, must deliver appraisal and written valuations within 30 days of determining loan will not close. 21

22 CONFIDENTIAL FOR INTERNAL USE ONLY - DO NOT REDISTRIBUTE This document contains confidential information and is intended only for Caliber Home Loans, Inc. business partners. This document may not be distributed to third parties without the express consent of the Policy Group of Caliber Home Loans, Inc. Caliber Home Loans, Inc. Copyright All rights reserved. *Notice: Printed copies of this document may not be the most current version. Please contact your Account Executive for the most recent version.

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