Most credit unions that originate mortgages will have to comply with the ATR/QM rule, set to go into effect on January 10, 2014. The rule will open your credit union to new compliance procedures and potential liabilities.
The ATR/QM brief serves as a summary to quickly get you up to speed, giving you an easy to understand definition of ATR and QM, a high level overview of the eight underwriting requirements under ATR, potential liabilities of non-compliance, and the benefits of originating QMs.